The Bermuda Monetary Authority (the "BMA") has published guidance with effect from 1 May 2020 (the "2020 Guidance") which replaces the previous guidance on outsourcing for Banks and Deposit Companies issued by the BMA in May 2007. The scope of the 2020 Guidance has been extended and is now applicable to Banks, Deposit Companies, the Bermuda Stock Exchange, Corporate Service Providers, Trust Companies, Money Service Businesses, Investment Business, Fund Administrators and the Credit Unions licensed by the BMA (the "RLE").
The 2020 Guidance applies to all outsourcing arrangements except those outsourcing arrangements that are subject to the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 (the "Regulations"), as described in the '2016 Guidance Notes for AML/ATF Regulated Financial Institutions on Anti-Money Laundering and Anti-Terrorist Financing'.
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