Bermuda Strengthens Regulatory Regime For AML/ATF Regulated Financial Institutions

Registration deadline - 7 December 2018

The Bermuda Government and the financial services regulator, the Bermuda Monetary Authority (BMA), are committed to ensuring Bermuda’s anti-money laundering and anti-terrorist financing (AML/ATF) requirements are aligned with the highest international standards. Legislative amendments have recently been implemented to further strengthen Bermuda’s regulatory regime.

What has changed?

An “AML/ATF Regulated Financial Institution” which is not otherwise licensed, registered or authorised by the BMA under any of the regulatory acts is required to register¹ with the BMA as a Non-Licensed Person (NLP).

The Proceeds of Crime (Miscellaneous) (No.2) Act 2018 came into effect on 7 September 2018 (Act). This Act has expanded the definition of an “AML/ATF Regulated Financial Institution” to include businesses carrying out certain specified “financial activities”. The full list of financial activities can be found in schedule 3 to