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:
- 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
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).
- Clients’ Agreement: Copies of any standard trust or
management agreements the applicant intends to use.
- 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.
- 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).
- 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
- Group Structure: Licensed institutions forming part of
wider groups must provide an up-to-date chart giving full details of the
- Fees: a
cheque or online payment representing the appropriate application fee. (See
Fees & Penalties section on the BMA website for more details).
- Policies and Procedures: The Applicant should submit policies and
procedures which, at a minimum, should include:
- Regulatory Compliance;
- Corporate Governance;
- Anti-Money Laundering/Anti-Terrorist
- International Sanctions Compliance;
- Disaster Recovery and Business Continuity
- Internal Systems and Controls for day-to-day
- Risk Management.
The Applicant should submit evidence of insurance coverage as
required in Schedule 1 – Section 6 of the Act.