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ARTICLE · 19 AUGUST 2026

New BMA Policy Police Clearance Certificate Requirement For Key Persons

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The Bermuda Monetary Authority has introduced a new regulatory requirement mandating Police Clearance Certificates for Key Persons in AML/ATF regulated financial institutions, effective October 2026. This policy change extends beyond initial applications to encompass all subsequent personnel changes, fundamentally altering the vetting landscape for Bermuda's financial sector. Understanding these requirements and their implications is crucial for institutions seeking to maintain compliance with the island's

BermudaFinance and Banking
Nick Miles
Nick Miles
Megan Denos
Megan Denos
Reid Orchard
Reid Orchard
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Overview

The Bermuda Monetary Authority (BMA) announced that, effective 1 October 2026, applications involving AML/ATF regulated financial institutions must include a Police Clearance Certificate (PCC) for each Key Person undergoing vetting along with their personal declaration form. A "Key Person" is anyone subject to a fit and proper assessment under the relevant Regulatory Acts' licensing or registration criteria.

Scope of New Policy

This new requirement applies not only to new applications submitted to the BMA but also extends to any subsequent changes involving a Key Person within an AML/ATF regulated financial institution. This means that if there is a change in personnel—such as the appointment of a new Key Person or the replacement of an existing one—a Police Clearance Certificate must be provided for every relevant individual involved in the change.

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