Anti-Terrorism (Financial and Other Measures) (Businesses in Regulated Sector) Order 2008

Summary

This Order, made under the Anti-Terrorism (Financial and Other Measures) Act 2004, defines which classes of business in Bermuda are treated as being in the regulated sector for anti-terrorism financing purposes, and confirms that the Bermuda Monetary Authority is the supervisory authority for those classes. It does not itself set out new compliance procedures, but it determines which businesses fall under the Act's regulated sector provisions and therefore under BMA's AML/ATF supervision.

• Deposit-taking business: As defined under section 4 of the Banks and Deposit Companies Act 1999.
• Investment business: As defined under section 3 of the Investment Business Act 2003.
• Long-term insurers: Insurers (not reinsurers) registered under the Insurance Act 1978 carrying on certain long-term business.
• Insurance managers and brokers: Registered under the Insurance Act 1978, insofar as acting in connection with certain long-term (non-reinsurance) business.
• Fund administrators: As defined under section 2(2) of the Investment Funds Act 2006.
• Money service businesses: As defined under section 20AA of the Bermuda Monetary Authority Act 1969.
• Trust businesses: As defined under section 9(3) of the Trusts (Regulation of Trust Business) Act 2001, unless exempted under the related 2003 Exemption Order.
• Investment fund operators: As defined under section 3 of the Investment Funds Act 2006.

By designating these classes as part of the regulated sector, the Order brings them within the scope of the Bermuda Monetary Authority's supervisory role for anti-terrorism financing purposes under the 2004 Act.

Applies to

deposit-taking business, investment business, insurers (long-term business), insurance managers and brokers, fund administrators, money service business, trust business, investment fund operators

Deadlines

• 15th day of November 2008: Date on which this Order came into operation.

Related documents

• This document commences Anti-Terrorism (Financial and Other Measures) Act 2004
• This document is made under Anti-Terrorism (Financial and Other Measures) Act 2004