Appendix I - CSP Application (Corporate Service Provider Licence)

Summary

This is the official application form (Appendix I) used by the Bermuda Monetary Authority to license persons or entities wishing to conduct corporate service provider business under the Corporate Service Provider Business Act 2012. It sets out the information, supporting documents and declarations an Applicant must provide to obtain either an unlimited or limited CSP licence.

• Licence class: Applicant must select either an unlimited licence or a limited licence (subject to statutory limits) for the corporate services it intends to provide.
• Supporting documents: Formation documents, client/service and fee agreements, Institutional and Personal Questionnaires for controllers, directors and officers, a business plan, group structure chart (if part of a group), application fee, and written policies and procedures covering compliance, corporate governance, AML/ATF, sanctions compliance, disaster recovery/cybersecurity, outsourcing, internal controls and risk management.
• Insurance evidence: Applicant must submit evidence of comprehensive insurance coverage as required under Schedule 1 of the Act, including type, limit, deductible and insurer details.
• Applicant details: Corporate details, addresses, directors, shareholder controllers, persons who effectively direct the business, and the Money Laundering Reporting Officer and compliance officer must be identified.
• Prior issues disclosure: Applicant must disclose any history of licence refusals, unsatisfied judgments, insolvency events, regulatory investigations, censures, litigation or liquidation petitions affecting itself or related entities.
• Declaration and submission: A senior executive with legal capacity to sign must initial each page, complete the declaration confirming accuracy and compliance with the Act, and submit the completed form with supporting materials to csp@bma.bm.

The form warns that submitting false or misleading information or documents is an offence under Section 60 of the Act, carrying fines up to 50,000 dollars and imprisonment up to four years on indictment.

Key obligations

• Applicant must complete the form in block capitals or typed, in ink, and have the signatory initial each page and sign the declaration.
• Applicant must submit all required supporting documents (formation documents, client agreements, questionnaires, business plan, group structure chart, fees, policies and procedures, insurance evidence) with the application.
• Applicant must submit evidence of comprehensive insurance coverage as required under Schedule 1 of the Act.
• Applicant must identify its Money Laundering Reporting Officer and compliance officer(s).
• Applicant must disclose full particulars of any prior regulatory, insolvency, litigation or disciplinary issues affecting itself or related entities.
• Applicant must submit the completed application and supporting material to csp@bma.bm.
• Signatory must declare that the particulars supplied are true and that the business will be conducted in accordance with the Act, Statement of Principles and Code of Practice.

Applies to

corporate service providers, applicants for a corporate service provider licence