Bermuda has introduced amendments to the Companies Act 1981 (Act) in order to maintain compliance with current Financial Action Task Force (FATF) requirements.
FATF is an international inter-governmental body that sets standards and promotes effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the global financial system.
The amendments to the Act require that every company registered in Bermuda shall file with the Registrar of Companies (Registrar) a list of its directors and shall notify the Registrar of any change to such list within thirty days of any such change.
The amendments become effective on 1 April 2016, however, the deadline for the initial filing of director's information is 31 December 2016. In order to facilitate the filing of directors' information, the Registrar is preparing an electronic filing platform. Further guidance on fees is expected later this year.
The list of directors must contain the following particulars with respect to each director:
- in the case of an individual, his present first name, surname and address; and
- in the case of a company, its name and the address of its registered office.
The Registrar shall keep a Register of Directors in respect of every Bermuda company. Such register shall be available for public inspection subject to such conditions as the Registrar may impose and on payment of such fee as may be prescribed.
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