Notice - Annex I Sector-Specific Guidance Notes for Trust Business (2021-10-11)

Summary

This is a consultation notice from the Bermuda Monetary Authority (BMA) announcing a draft Annex I Sector-Specific Guidance Note for Trust Business, part of a broader update to the AML/ATF Guidance Notes to align with the FATF's 2012 revised 40 Recommendations. It does not itself impose new binding requirements but invites stakeholder feedback on the proposed sector-specific guidance before it is finalised.

• Purpose: Updates sector-specific AML/ATF guidance to supplement (not replace) the general Guidance Notes, tailored to the risk profile of trust business.
• Legal basis: Issued under section 5(2) of the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008, which requires supervisory authorities to issue and update AML/ATF guidance.
• Consultation: Stakeholders are invited to comment on the draft Annex I guidance for the trust sector during a 30-day consultation period.
• How to respond: Comments must be emailed to amlresearch@bma.bm with 'Trust Sector' in the subject line.

Once finalised, the guidance will apply alongside the main AML/ATF Guidance Notes to entities conducting trust business, but as issued this notice is a call for comments rather than a final rule.

Key obligations

• Stakeholders wishing to comment on the draft Annex I Sector-Specific Guidance Notes for Trust Business must submit comments by 8 November 2021
• Comments must be sent to amlresearch@bma.bm and must include the words 'Trust Sector' in the email subject line

Applies to

trust business, AML/ATF regulated financial institutions

Deadlines

• 8 November 2021: End of the 30-day consultation period for comments on the Annex I Sector-Specific Guidance Notes for Trust Business