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MONEY SERVICE BUSINESS

Statement of Principles (SoP) & Code of Practice (CoP)‚Äč


In accordance with sections 6 and 7 of the Act, the Bermuda Monetary Authority (Authority or BMA) has published the SoP and CoP.

The SoP provides guidance on the Authority’s approach in interpreting the minimum criteria for licensing and grounds for revocation; in exercising its power to grant, revoke or restrict a licence; and in exercising its power to obtain information and reports and to require production of documents. 

The CoP provides guidance on duties, requirements, standards, procedures and sound principles to be observed by persons carrying on MSB.

 


  • Operational Cyber Risk Management Code of Conduct - 26 September 2022
  • Operational Cyber Risk Management Code - Trusts, CSP, MSB, Investment Business, Fund Administration Providers - 15 March 2022
  • Code of Practice - Money Service Business Act 2016 - 16 December 2016
  • Statement of Principles - Money Service Business Act 2016 - 16 December 2016
  • Guidance Notes - Money Service Business Act 2016 - 16 December 2016
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