Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008
As of the 1st January 2009 the Bermuda Monetary Authority ("BMA") is required to monitor AML/ATF regulated financial institutions for compliance with the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008. The BMA is required to establish, maintain and publish a register of AML/ATF regulated financial institutions comprising "licensed persons" and "non-licensed persons." Licensed person means a person who is for the time being licensed under any of the regulatory Acts and a "non-licensed person" means an AML/ATF regulated financial institution which is not a licensed person.
It is a requirement for "non-licensed persons" to register with the BMA if they wish to carry on business activities. The application fee for registration is $108 (Fourth Schedule to the BMA Act 1969) and must accompany the application.
Effective 1st January 2015 all “non-licensed persons” which are registered as above must pay an annual fee of $850.
An application for registration can be made by opening the attached document and printing a hardcopy. Please complete the form and forward to the BMA, accompanied by the $108 application fee. Please forward applications to:
Bermuda Monetary Authority
43 Victoria Street
Attention: AML/ATF Department
Licensed persons will be deemed to be registered on the 1st January 2009 and therefore will not be required to complete the registration process.