NOTICE - Sector Specific Guidance Notes AML/ATF - Digital Asset Business (2018-07-24)

Summary

This notice announces Annex VIII, a sector-specific AML/ATF guidance note tailored to digital asset business, which supplements (but does not replace) the Bermuda Monetary Authority's general AML/ATF Guidance Notes. It also opens a public consultation on the draft sector-specific guidance.

• Purpose: Applies the general AML/ATF Guidance Notes to the specific risk profile and nature of digital asset business activities.
• Status: Supplements the existing AML/ATF Guidance Notes; must be read alongside them and does not override them.
• Consultation: Stakeholders are invited to submit comments on the draft Sector-Specific AML/ATF Guidance Notes for Digital Asset Business.
• How to respond: Comments should be emailed to policy@bma.bm with the subject line including the words AML/ATF Digital Asset Business.

The consultation period runs for 21 days, closing on 14 August 2018. This is a consultation notice rather than a finalized binding rule, so no continuing compliance obligations are yet imposed beyond the optional invitation to comment.

Key obligations

• Stakeholders wishing to comment must send submissions to policy@bma.bm with the subject line including the words AML/ATF Digital Asset Business by the close of the consultation period

Applies to

digital asset business, AML/ATF regulated financial institutions

Deadlines

• 14 August 2018: End of the 21 day consultation period for comments on the Sector-Specific AML/ATF Guidance Notes for Digital Asset Business