Registration Form - Registration of Non-Licensed Person (Lending Leasing Financial Guarantees)

Summary

This is a registration form issued by the Bermuda Monetary Authority (BMA) for non-licensed persons carrying on certain financial activities that fall under the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008 (the SEA Act). It collects company, compliance officer and reporting officer details, and requires supporting documentation to be submitted alongside a registration fee.

• Covered activities: Lending (including consumer credit, mortgage credit, factoring with or without recourse, and finance of commercial transactions/forfeiting); financial leasing excluding consumer products; and financial guarantees and commitments excluding financial guarantee insurance.
• Information required: Company/business information, Register of Companies number, type of business, and contact details for a Compliance Officer and a Reporting Officer.
• Supporting documents: Board-approved AML/ATF Policies & Procedures (or an explanation if not attached), Fit & Proper Requirements, and resumes for the Compliance Officer, Reporting Officer, beneficial owner(s) as defined under Regulation 3 of the Proceeds of Crime (AML/ATF) Regulations 2008, and individuals who direct or control the business (directors, controllers, senior executives).
• Payment: The completed form must be sent with the registration fee (or proof of wire payment) to the BMA's AML/ATF Unit, with wire, cheque or domestic online banking payment options provided.

The form itself does not state a filing deadline or commencement date; it functions as the standard registration mechanism for non-licensed persons engaging in the listed lending, leasing or financial guarantee activities to come under BMA AML/ATF supervision.

Key obligations

• Non-licensed persons carrying on lending, leasing, or financial guarantee/commitment activities as defined must complete and submit this registration form to the BMA's AML/ATF Unit.
• Applicants must submit the registration fee or proof of wire payment together with the form.
• Applicants must submit board-approved AML/ATF Policies & Procedures, or state the document name and/or reason such policies are not attached.
• Applicants must submit Fit & Proper Requirements documentation.
• Applicants must provide resumes for the Compliance Officer, Reporting Officer, beneficial owner(s), and individuals who effectively direct or control the business (directors, controllers, senior executives).
• Applicants must designate a Compliance Officer responsible for AML/ATF regulatory oversight and a Reporting Officer to receive internal suspicious activity reports.

Applies to

non-licensed persons conducting lending (including consumer credit, mortgage credit, factoring, and finance of commercial transactions), non-licensed persons conducting financial leasing (excluding consumer products), non-licensed persons providing financial guarantees and commitments (excluding financial guarantee insurance)