Notice - Annex VIII Sector-Specific Guidance Notes for Digital Asset Business (2021-10-11)

Summary

This is a BMA notice opening a public consultation on proposed Annex VIII Sector-Specific Guidance Notes for Digital Asset Business. The sector-specific notes are meant to supplement, not replace, the Authority's general AML/ATF Guidance Notes (GN), applying that guidance to the risk profile of digital asset businesses. The review was undertaken to keep the GN aligned with the FATF's revised 40 recommendations and Bermuda's Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008.

• Consultation period: 30 days, ending 8 November 2021.
• How to respond: Send comments to amlresearch@bma.bm with 'DAB Sector' included in the email subject line.
• Scope: Draft sector-specific guidance for digital asset business, to be read alongside the existing general AML/ATF Guidance Notes for Regulated Financial Institutions.

The notice itself does not impose new binding compliance requirements; it is a call for stakeholder feedback on the proposed digital asset business sector guidance before it is finalised.

Key obligations

• Stakeholders wishing to comment on the draft Annex VIII Sector-Specific Guidance Notes for Digital Asset Business must submit comments to amlresearch@bma.bm by 8 November 2021, including 'DAB Sector' in the subject line.

Applies to

Digital asset business, Regulated Financial Institutions (RFI)

Deadlines

• 8 November 2021: End of the 30 day consultation period for comments on the draft Annex VIII Sector-Specific Guidance Notes for Digital Asset Business.