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 SUPERVISION & REGULATION

 
The Trusts (Regulation of Trust Business) Act 2001 (as amended) (“the Act”) came into force on 25 January 2002. The Act prohibits the carrying on of trust business in or from within Bermuda unless the trustee is licensed or exempt. The Act replaces the Trust Companies Act 1991, and confers new regulatory and information gathering powers on the Bermuda Monetary Authority (“the Authority”).

“Trust Business” is defined in section 9(3) of the Act as “the provision of the services of a trustee as a business, trade, profession or vocation.”

Trust undertakings must provide audited financial statements, along with a Certificate of Compliance to the Authority within four months of their year-end. These are discussed with the undertaking, along with changes to strategy, staffing etc as part of the Authority's off-site supervision. Routine on-site review visits are undertaken by the Authority's staff (including anti-money laundering compliance testing) and the Authority also has the power to commission reports from reporting accountants on key aspects of systems and controls.