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 REPORTING FORMS & GUIDELINES

 

 

An application for a licence under the Regulations may be made by a Local or Exempted Company incorporated under the Bermuda Companies Act 1981 (the “Companies Act”) or an Overseas (Permit) Company licensed by the Minister of Finance under the Companies Act to conduct business in Bermuda.
Applications should be submitted on the appropriate form together with the following additional documents:
  1. A business plan setting out the nature and scale of the money service business;
  2. Personal Questionnaires and any requisite Institutional Questionnaires;
  3. Application fee in the amount of $1,500.00;
  4. Such other additional documents as the Authority may require.

Minimum Licensing Criteria

Before granting a licence the Authority needs to satisfy itself that the minimum criteria as set out in the Schedule to the Regulations have been met or are capable of being met by the applicant. However, even when so satisfied, the Authority always retains discretion not to grant a licence – notably if it sees reason to doubt that the criteria will be met on a continuing basis or if it considers that for any reason there might be significant threats to the interests of clients or potential clients. Once licensed, all money service providers are subject to the Authority’s continuing supervision and regulation.

The Authority has provided details of its interpretation of the minimum licensing criteria in its Information for Prospective Applicants and Guidance Notes. For complete particulars, prospective applicants should refer to the applicable provisions of the Regulations.