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 REPORTING FORMS & GUIDELINES

 
 
Applications
 

As a first step, applicants are encouraged to contact the Authority, prior to submitting a formal application, to discuss their proposed operations and how the minimum licensing criteria will be met.

 

Applications for licensing under the Act must be submitted on the appropriate form. The following list of documents must accompany the applications:

  1. Formation documents:  A copy of the Applicant’s Memorandum & Articles of Association, Bye-Laws and Certificate of Incorporation.  Partnerships should submit a copy of the Partnership Agreement.
  2. Accounts:  A copy of the most recent financial statements for the business (audited where available) together with financial statements for its parent company and other members of the group (where relevant).
  3. Clients’ Agreement:  Copies of any standard trust or management agreements the applicant intends to use.
  4. Confirmation of Auditor:  In the case of a company, an auditor’s statement that the minimum capital of $250,000 has been paid up, or is held in escrow, pending the granting of the licence.
  5. Business Plan:  A statement setting out the nature and scale of the trust business which is to be carried out by the applicant, and particulars of the arrangement(s) proposed for the operation of that business.  (See Appendix 2).
  6. Questionnaires:  Appendix 3 – Institutional Questionnaire as defined in the Act 4(3) and Appendix 4 – Personal Questionnaire to be completed by all proposed individual controllers and officers of the company.
  7. Group Structure:  Licensed institutions forming part of wider groups must provide an up-to-date chart giving full details of the group structure.
  8. Fees:  a cheque or online payment representing the appropriate application fee. (See Fees & Penalties ​section on the BMA website for more details).
  9. Policies and Procedures:  The Applicant should submit policies and procedures which, at a minimum, should include:
    1. Regulatory Compliance;
    2. Corporate Governance;
    3. Anti-Money Laundering/Anti-Terrorist Financing;
    4. International Sanctions Compliance;
    5. Disaster Recovery and Business Continuity Plan;
    6. Internal Systems and Controls for day-to-day operations; and
    7. Risk Management.
  10. Insurance:  The Applicant should submit evidence of insurance coverage as required in Schedule 1 – Section 6 of the Act.
Copies of trust-related documents can be found in the ​Document Centre under Reporting Forms & Guidelines/Trust.