Appendix I - Application for a Money Service Business Licence (Money Service Business Act 2016)

Summary

This is the official application form (Appendix I) that a business must complete to apply to the Bermuda Monetary Authority for a Money Service Business Licence under the Money Service Business Act 2016. It sets out the supporting documents, company and operational details, and declarations an applicant must provide, and is aimed at entities seeking to carry on money transmission, cheque cashing, payment services, or currency exchange (bureau de change) business in or from Bermuda.

• Supporting documents required: Formation documents, standard client and fee agreements, completed shareholder controller and senior executive/director questionnaires (Appendices II and III), a business plan (per Appendix IV), group structure chart (if part of a group), application fee, policies and procedures, financial statements, and evidence of insurance.
• Policies and procedures minimum coverage: Regulatory compliance, corporate governance, anti-money laundering/anti-terrorist financing, international sanctions compliance, disaster recovery and business continuity, internal systems and controls, and risk management.
• Applicant details: Name, formation date/place, financial year end, contact details, registered office and Bermuda place of business, and details of any other regulator overseeing the applicant or its subsidiaries.
• Scope of business to be declared: Applicant must indicate which of the licensable activities under section 2(2) of the Act it will conduct: money transmission, cheque cashing/guaranteeing, issuing/selling/redeeming drafts or traveller's cheques, payment services, or bureau de change.
• Operations and personnel disclosure: Lists of directors and controllers, persons who effectively direct the business, and identification of the Money Laundering Reporting Officer and any Compliance Officer.
• Insurance details: Types, limits and deductibles of insurance held, any history of refused insurance applications, and insurer names and addresses.
• Prior issues disclosure: Applicant must disclose past licence refusals, unsatisfied judgment debts, creditor arrangements, receiverships, administration petitions, liquidation notices, regulatory investigations, court-ordered document production, censures or disciplinary action, professional body refusals, and material litigation.
• Declaration and warning: A senior executive or authorised signatory must sign a declaration confirming understanding of the Act and Code of Practice and truthfulness of the application; providing false or misleading information is an offence under section 62 of the Act, carrying fines up to $50,000 and imprisonment up to four years.

The form itself does not state a filing deadline or effective date; it is a standing application template used whenever a business seeks initial licensing as a money service business in Bermuda.

Key obligations

• Applicant must submit the completed application typed or in block capitals, with the signatory initialling each page and signing the final declaration.
• Applicant must attach all required supporting documents, including formation documents, client agreements, completed shareholder and senior executive questionnaires, a business plan, group structure chart (if applicable), the application fee, policies and procedures, financial statements, and evidence of insurance.
• Applicant must disclose the scope of money service business activities it intends to carry out under section 2(2) of the Act.
• Applicant must identify its Money Laundering Reporting Officer and any Compliance Officer.
• Applicant must disclose any prior regulatory refusals, insolvency events, investigations, disciplinary actions, or material litigation involving itself or related entities.
• Signatory must declare that the business will be conducted in accordance with the Act, Code of Practice, and relevant Regulations, and that all particulars supplied are true, under penalty of criminal offence for false or misleading information under section 62 of the Act.

Applies to

money service businesses, applicants for a money service business licence