The Banks and Deposit Companies Act 1999 (the Act) provides details regarding licensing for banks and deposit
companies in Bermuda. Relevant financial institutions are in particular
referred to Section 14(5) and 14(6) of the Act with regards to minimum services
to be provided to the public in order to conduct banking or deposit-taking
business in Bermuda. The Authority’s Statement of Principles (SoP) was drafted
pursuant to Section 9 of the Act, and outline, amongst others, the minimum
licensing criteria (Schedule 2) for banks and deposit companies in Bermuda.