Bermuda: Money Laundering

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New BMA Policy Police Clearance Certificate Requirement For Key Persons
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
Bermuda Finance
K
Kennedys
Article
It’s Healthy To Sometimes Disagree With Regulators
Bermuda's risk-based financial regulatory framework inevitably creates disagreements between regulated entities and the Bermuda Monetary Authority over compliance interpretations. This analysis explores why such conflicts arise in proportionate regulatory systems and presents a structured five-step approach for resolving regulatory disputes without resorting to costly litigation while maintaining professional relationships.
Bermuda Finance
A
Appleby
Article
Complied Out Of Business
Bermuda's financial services sector faces a critical challenge as traditional compliance frameworks struggle to keep pace with the BMA's increasingly sophisticated, data-driven supervisory approach. Many firms have inadvertently created compliance systems so heavy and reactive that they impede business operations rather than effectively managing risk. The article examines how a shift toward precision-based, truly risk-sensitive compliance can transform regulatory burden into competitive advantage.
Bermuda Commercial
A
Appleby
Article
Legitimate Interest Access To Bermuda's Central Register Of Beneficial Ownership
The Registrar of Companies (RoC) has recently published a Consultation Paper, Legitimate Interest Access to Bermuda's Central Register of Beneficial Ownership (CP). The Bermuda Government plans to establish a legislative framework and supporting electronic system for legitimate interest access to the central register of beneficial ownership information by July 2026 (Framework).
Bermuda Privacy
KL
Kennedys Law LLP
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