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Act

Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008

Bermuda Monetary Authority (BMA) · Bermuda

In force

Status per Bermuda Laws Online (bermudalaws.bm) (as at 2026-07-30)

View on BMA's website Source document

Current version last checked: 2026-07-27

Summary

This Bermuda Act establishes the legal framework for supervising compliance with anti-money laundering and anti-terrorist financing (AML/ATF) requirements. It designates supervisory authorities (including the BMA, the Registrar of Companies, the Bermuda Gaming Commission, the Superintendent of Real Estate and designated professional bodies), sets registration requirements for non-licensed AML/ATF regulated financial institutions and designated non-financial businesses or professions (DNFBPs), and gives competent authorities investigative and disciplinary powers, including civil penalties, directives, licence restriction or revocation, public censure and prohibition orders. It also establishes an appeal tribunal and rules on restricted information and offences.

  • Supervisory structure: Assigns supervisory authority responsibility by sector: BMA for AML/ATF regulated financial institutions, financial groups and insurers; Superintendent of Real Estate for real estate brokers/agents; the Registrar for dealers in high value goods; the Bermuda Gaming Commission for casino operators; and designated professional bodies for the persons they regulate.
  • Duties of supervisory authorities: Requires ongoing risk-based monitoring of relevant persons and financial groups, issuing and updating compliance guidance, publishing annual activity reports, and reporting suspicions of money laundering or terrorist financing to the Financial Intelligence Agency.
  • Registration: Requires non-licensed AML/ATF regulated financial institutions and regulated non-financial businesses or professions to apply for and maintain registration with their supervisory authority, subject to fit and proper testing and cancellation procedures.
  • Supervisory powers: Gives competent authorities power to require information and documents, conduct site visits, and enter premises under warrant, with offences for failing to comply.
  • Enforcement tools: Enables civil penalties, directives, restriction or revocation of licence, public censure, prohibition orders, injunctions, and petitions for winding up or dissolution, together with warning and decision notice procedures and a right of appeal to an appeal tribunal and ultimately the Supreme Court.
  • Schedule 2 entities: Lists casino operators and dealers in high value goods (accepting cash payments of BMD 7,500 or more) as regulated non-financial businesses subject to the fit and proper test.

The Act has been amended numerous times since 2008 to expand the definition of AML/ATF regulated financial institution, add sectors such as digital asset business and fund administration, and refine supervisory cooperation and sanctions obligations.

Key obligations

  • Supervisory authorities must effectively monitor, on a risk-sensitive basis, relevant persons and financial groups and take measures to secure their compliance with the AML/ATF Regulations, directions, licence conditions and international sanctions obligations.
  • Supervisory authorities must issue and keep updated guidance on compliance with the AML/ATF Regulations, the Proceeds of Crime Act 1997, the Anti-Terrorism (Financial and Other Measures) Act 2004, directions and international sanctions.
  • Supervisory authorities must, as soon as practicable after the end of each financial year, report on their activities under the Act to the Minister and publish that report.
  • A supervisory authority that knows, suspects or has reasonable grounds to suspect money laundering or terrorist financing must inform the Financial Intelligence Agency as soon as practicable.
  • Non-licensed AML/ATF regulated financial institutions and regulated non-financial businesses or professions must apply for and maintain registration with the relevant supervisory authority.
  • Registered persons and firms must comply with information and document requests, and site visits, from competent authorities or face offences for non-compliance.
  • Casino operators and dealers in high value goods accepting cash payments of at least BMD 7,500 must satisfy the fit and proper test under section 11A.

Applies to

AML/ATF regulated financial institutions, financial groups, insurers, real estate brokers and agents, dealers in high value goods, casino operators, regulated non-financial businesses or professions, regulated professional firms (lawyers and accountants), designated professional bodies, non-licensed AML/ATF regulated financial institutions

Deadlines

  • as soon as practicable after the end of each financial year: Supervisory authorities must report on their AML/ATF supervisory activities to the Minister and publish the report.
  • as soon as practicable: A supervisory authority must inform the Financial Intelligence Agency upon suspecting money laundering or terrorist financing.
  • 1 January 2009: Operative date of the Act.

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Version history

2026-07-07

source file (current)