2018 Bermuda Monetary Authority Fees

Summary

This is the Bermuda Monetary Authority's published fee schedule for the 2018 calendar year, effective 1 January 2018 and now superseded by later fee notices. It sets out application, licensing and annual fees payable by entities regulated under Bermuda's banking, credit union, corporate service provider, insurance, investment business, investment funds, trust and anti-money laundering legislation, and explains general payment rules such as late penalties, dual-licensee fees and pro-rata refunds on deregistration.

• General rules: All 2018 fees remain unchanged from 2017; an annual payment covers the calendar year 1 January to 31 December 2018; entities holding more than one class of insurance licence pay a separate annual fee for each class held.
• Late payment penalty: A penalty of 10.0% of the fee due is charged for every month or part month an annual business fee remains unpaid past its due date, applying to all regulated entities except those registered under the Proceeds of Crime (AML/ATF) Act 2008.
• Insurance classification and refunds: Annual insurance fees are based on an insurer's class as at 1 January 2018; insurers that deregister during the year are eligible for a pro-rata refund from the date of deregistration.
• Sector fee schedules: Detailed application, licensing and annual fee amounts are set out for banks and deposit companies, money service businesses, corporate service providers, credit unions, insurers (including internal capital model and prudential standard applications), investment business and investment funds licensees, trust companies, and Proceeds of Crime Act registrants.
• Payment methods: Fees may be paid by cheque, via online banking bill-payee streams at HSBC Bermuda and Butterfield Bank, or by international wire transfer using the account details provided.

Because this document has been superseded by subsequent annual fee notices, it should be used only as a historical reference for 2018 fee levels and deadlines rather than as current guidance on BMA fees.

Key obligations

• Banks and deposit companies must pay their annual fee under the Banks and Deposit Companies Act 1999 on or before 31 March 2018.
• Banks must pay their annual fee under the Banks and Deposit Companies (Fees) Act 1975 on or before 31 January 2018.
• Money service business licensees must pay their annual fee on or before 31 March 2018.
• Corporate service provider licensees must pay their annual fee on or before 31 March 2018.
• Credit unions must pay their annual licence fee on or before 31 March 2018.
• Trust licensees must pay their annual fee under the Trusts (Regulation of Trust Business) Act 2001 on or before 31 March 2018.
• Proceeds of Crime Act registrants must pay the first annual fee upon registration and thereafter pay annual fees on or before 31 March every year.
• Any regulated entity (other than Proceeds of Crime Act registrants) that pays an annual fee late must pay a penalty of 10.0% of the fee due for each month or part month of delay.
• Entities holding more than one class of insurance licence must pay a separate annual business fee for each class held.
• Insurance-related application, extension, exemption and approval fees are payable upon application.

Applies to

banks, deposit companies, money service businesses, corporate service providers, credit unions, insurers, insurance managers, brokers and agents, insurance salesmen, investment business licensees, investment funds and fund administrators, trust companies, Proceeds of Crime (AML/ATF) Act registrants

Deadlines

• 31st March 2018: Annual fees due for banks and deposit companies (Banks and Deposit Companies Act 1999), money service businesses, corporate service providers, credit unions, and trust licensees.
• 31st January 2018: Annual fees due for banks and deposit companies under the Banks and Deposit Companies (Fees) Act 1975.
• annually on or before 31st March: Recurring annual fee deadline for Proceeds of Crime (AML/ATF) Act 2008 registrants after their first annual fee, payable upon registration.
• 1st January 2018: Effective date of the 2018 fee schedule; insurer fee class determined as at this date.