Revocation of Licence - Blue Nile Services Ltd. (2024-10-31)

Summary

This is a public enforcement notice from the Bermuda Monetary Authority announcing that it has revoked the money service business (MSB) licence of Blue Nile Services Limited (BNSL) under the Money Service Business Act 2016. The revocation followed years of disciplinary action against BNSL for repeated non-compliance with anti-money laundering, sanctions and licensing requirements, and took effect on 14 October 2024 after BNSL did not appeal.

• Public Censure (21 September 2020): Issued for continued non-compliance with the AML/ATF Regulations and International Sanctions Regulations.
• Urgent Restrictions (23 April 2021): Imposed after BNSL failed minimum criteria for licensing, including director number requirements, minimum net assets, timely statutory filings, and notifying the Authority of officer changes; also failed to notify closure between October 2020 and February 2021.
• Operating restriction (from 12 June 2023): BNSL was barred from carrying on money service business activities pending demonstration of ability to comply (enhanced supervision).
• Licence revocation (effective 14 October 2024): The Authority revoked BNSL's MSB licence under section 17 of the MSB Act, finding both section 15(a) (minimum criteria not fulfilled) and section 15(b) (failure to comply with obligations) applied.

This notice is informational and confirms a completed enforcement action; it does not create ongoing obligations for other licensees but signals the Authority's approach to enforcing AML/CFT and licensing compliance for money service businesses.

Applies to

money service businesses