Money Service Business Act Exemption Order 2016

Summary

This Order, made under section 9(2) of the Money Service Business Act 2016, exempts certain categories of persons and institutions from the licensing requirement in section 8 of that Act. It does not create new obligations for the general public but defines who is excluded from money service business licensing in Bermuda.

• Banks and deposit companies: Institutions licensed under the Banks and Deposit Companies Act 1999 are exempt.
• Credit unions: Credit unions licensed under the Credit Unions Act 2010 are exempt.
• Barristers and attorneys: Persons or professional companies enrolled to practise law in Bermuda are exempt for money transmission services incidental to their primary legal business.
• Public accountants: Members of the Institute of Chartered Accountants of Bermuda are exempt for money transmission services incidental to their primary accounting business.
• Trust businesses: Persons licensed to carry on trust business under the Trusts (Regulation of Trust Business) Act 2001 are exempt, except where they are licensed specifically to provide money transmission services.

Exemptions remain subject to any conditions imposed under the Act, meaning the Bermuda Monetary Authority may still attach conditions to an exempt person's activities even though a full licence is not required.

Applies to

banks and deposit companies, credit unions, barristers and attorneys, public accountants, trust business licensees, money service businesses