The Corporate Service Provider Business Act 2012 (“the Act”) came into force on 1 January 2013. The Act prohibits a person from carrying on corporate service provider business in or from within Bermuda unless that person is for the time being a licensed undertaking under the Act. The Act confers regulatory and information gathering powers of the Bermuda Monetary Authority (“the Authority”).
“Corporate Service Provider Business” is defined in section 2(2) of the Act as “the provision of any of the following corporate services for profit—
Licensed undertakings must provide a Certificate of Compliance to the Authority within four months from the end of its financial year. 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 by notice in writing to require the production of documents as it may reasonably deem necessary in the performance of its functions under this Act.