2024 Bermuda Monetary Authority Fees

Summary

This is the Bermuda Monetary Authority's published fee schedule for 2024, setting out the application, licensing and annual fees payable by entities regulated under the various Bermuda financial services statutes. It consolidates fee amounts and due dates across banking, insurance, trust, fund, digital asset, money service business, corporate service provider, credit union and AML/ATF supervision regimes, and also updates payment mechanisms.

• Banks and deposit companies: Annual fees under the Banks and Deposit Companies Act 1999 are due on or before 31 March, and fees under the Banks and Deposit Companies (Fees) Act 1975 are due on or before 31 January, tiered by consolidated gross assets.
• Insurance: Annual fees are billed based on tiering classification from the insurer's latest statutory filing; Class C, D and E insurers (except domestic business) face a staggered fee increase, 60% in 2024, 80% in 2025, 100% in 2026; a pro-rata refund is available on deregistration effective before 31 March.
• Trusts, funds, corporate service providers, credit unions, digital asset business, money service business and AML/ATF supervision: Each has application, licensing and annual fees, most annual fees due on or before 31 March, with digital asset business fees calculated by formula based on estimated or actual client receipts.
• Dual licensees: Entities holding more than one licence must pay the annual business fee for each licence held.
• Late fees: The BMA applies late fees, scaled to the length of delay, to any entity that fails to pay its annual business fee by the statutory due date.
• Payments: Cheques are no longer accepted; payments must be made via designated online banking payment streams at HSBC Bermuda or Butterfield Bank, or by international wire transfer to specified BMA accounts.

The document is primarily a fee tariff and payment instruction notice rather than a source of substantive new conduct obligations, but it does fix statutory payment deadlines and late-fee consequences that regulated entities must observe.

Key obligations

• Banks and deposit companies licensed under the Banks and Deposit Companies Act 1999 must pay their annual fee on or before 31 March, tiered by consolidated gross assets.
• Banks subject to the Banks and Deposit Companies (Fees) Act 1975 must pay their annual fee on or before 31 January.
• Entities holding more than one BMA licence must pay a full annual business fee for each licence held.
• Entities subject to a Regulatory Act that fail to pay their annual business fee by the statutory due date will incur late fees scaled to the period of non-payment.
• Trust businesses, fund administration providers, corporate service providers, credit unions, digital asset businesses, money service businesses, and entities under the Proceeds of Crime (AML/ATF Supervision) Act must pay their annual fees on or before 31 March.
• Insurers and insurance groups must pay the annual fee based on their assigned insurance class as of 1 January 2024, with Class C, D and E insurers (except domestic business) subject to staggered fee increases through 2026.
• Registrants cancelling an Insurance Act 1978 registration before 31 March are eligible for a pro-rata refund of annual fees.
• Payments to the BMA must be made via the designated online banking payment streams or international wire transfer; cheques are no longer accepted.

Applies to

banks, deposit companies, insurers and insurance groups, insurance managers, brokers, agents and insurance marketplace providers, trust companies, investment fund administrators, fund administration providers, credit unions, corporate service providers, money service businesses, digital asset business licensees, digital asset issuers, investment business licensees, registered investment funds and private funds, entities subject to Proceeds of Crime (AML/ATF) supervision

Deadlines

• 31 January: Annual fees under the Banks and Deposit Companies (Fees) Act 1975 due on or before this date
• 31 March: Annual fees due on or before this date for banks and deposit companies (BDCA 1999), Innovation Hub, Corporate Service Provider Business Act, Credit Unions Act, Digital Asset Business Act, Fund Administration Provider Business Act, Money Service Business Act, Proceeds of Crime (AML/ATF Supervision) Act, and Trusts (Regulation of Trust Business) Act
• 31 March: Deadline for effective date of Insurance Act 1978 deregistration to qualify for pro-rata refund of annual fees
• 1 January 2024 to 31 December 2024: Period covered by the 2024 annual fee
• 2024, 2025, 2026: Staggered fee increase schedule for Class C, D and E insurers (except domestic business): 60% of new fee due in 2024, 80% in 2025, 100% in 2026