Notice - Enforcement Action - Revocation of MSB Licence Blue Nile Services Ltd. (2024-10-31)

Summary

This is a public notice from the Bermuda Monetary Authority announcing that it has revoked the money service business (MSB) licence of Blue Nile Services Limited (BNSL), effective 14 October 2024, under the Money Service Business Act 2016. It is an enforcement notice concerning a specific licensee rather than a rule of general application, and it does not create new ongoing compliance requirements for other entities.

• Basis for revocation: The BMA found that BNSL failed to meet minimum licensing criteria (section 15(a)) and failed to comply with obligations imposed by the MSB Act (section 15(b)).
• History of disciplinary action: Prior measures included a Public Censure on 21 September 2020 for non-compliance with AML/ATF Regulations and International Sanctions Regulations, and Urgent Restrictions imposed on 23 April 2021 for failures relating to minimum director requirements, minimum net assets, late statutory filings, and failure to notify officer changes and business closure.
• Enhanced supervision and restriction: BNSL was restricted from carrying on money service business activities from 12 June 2023 and placed under enhanced supervision to demonstrate compliance, but failed to remedy the breaches.
• Outcome: BNSL did not appeal the decision, and the licence revocation took effect on 14 October 2024, ending its authorisation to conduct money service business in Bermuda.

The notice is informational in nature, documenting completed enforcement action against a named entity; it does not impose new obligations on other licensees, though it illustrates the BMA's expectations under the MSB Act and AML/ATF Regulations.

Applies to

money service businesses, MSB licensees