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 LEGISLATION

 

Description & General Information

The Money Service Business Act 2016 (the Act) came into force on 31st January 2017. The Act provides for a licensing regime for an undertaking (unless otherwise exempted) engaging in money service business as defined by the Act, either in or from Bermuda. For copies of Money Service Business legislation, visit the Legislation section.

In addition to the Money Service Business Act the following laws may be applicable to the operation of a money service business.

AML/ATF

 Proceeds of Crime (Designated Countries and Territories) Order 1998

Anti-Terrorism (Financial and Other Measures) Act 2004

Proceeds of Crime (AML ATF Financing) Regulations 2008​

 Proceeds of Crime (AML ATF Supervision and Enforcement) Act 2008

Financial Intelligence Agency Act 2007

Proceeds of Crime Act 1997​​

Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Designation Order 2012

Anti-Terrorism (Financial and Other Measures) (Businesses in Regulated Sector) Order 2008

AML/ATF​

Bermuda Monetary Authority Act 1969

Bermuda Monetary Authority (Financial Institutions) (Control) Regulations 1994

Companies Act 1981

Exchange Control Regulations 1973

Exchange Control Act 1972

Segregated Accounts Companies Act 2000

Financial Services Tax Act 2017