Notice - Annex VII Sector-Specific Guidance Notes for Money Service Business (2021-10-11)

Summary

This is a BMA consultation notice announcing draft Annex VII Sector-Specific Guidance Notes for Money Service Business, which supplement the Authority's general AML/ATF Guidance Notes. It is not yet final guidance; the Authority is seeking stakeholder comments before adoption.

• Purpose: Updates sector-specific AML/ATF guidance for money service business to align with the revised FATF 40 Recommendations and to apply the general Guidance Notes to the risk profile of the MSB sector.
• 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 guidance reflecting legislative amendments and best practice.
• Relationship to existing guidance: The sector-specific notes supplement and must be read together with the main Guidance Notes; they do not replace them.
• Consultation process: Stakeholders may submit comments to amlresearch@bma.bm with 'MSB Sector' in the subject line during a 30-day consultation period.

Because this is a consultation notice rather than finalized guidance, it does not itself impose new compliance obligations beyond inviting comment; any binding requirements would follow once the Annex VII guidance is finalized and issued.

Key obligations

• Stakeholders wishing to comment must send submissions to amlresearch@bma.bm with 'MSB Sector' in the email subject line within the consultation period.

Applies to

Money service business, AML/ATF regulated financial institutions

Deadlines

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