Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008

Summary

These Regulations set out Bermuda's core anti-money laundering and anti-terrorist financing (AML/ATF) framework made under the Proceeds of Crime Act 1997 and the Anti-Terrorism (Financial and Other Measures) Act 2004. They establish customer due diligence, record-keeping, systems and controls, and wire transfer information requirements for a broad range of regulated persons and businesses operating in or from Bermuda.

• Who is covered: AML/ATF regulated financial institutions, independent professionals (lawyers and accountants in specified activities), casino operators, dealers in high value goods registered with the Registrar, real estate brokers and agents, digital asset businesses, and members of financial groups.
• Customer due diligence: Relevant persons must identify and verify customers and beneficial owners, understand ownership and control structures, apply simplified or enhanced due diligence based on risk, conduct ongoing monitoring, and observe specific timing rules for verification (including for casino patrons).
• Beneficial ownership tests: Detailed rules define beneficial ownership for bodies corporate, partnerships, trusts, and other legal arrangements, generally using a 25 percent ownership/control threshold (10 percent for corporate service providers).
• Systems, records and governance: Relevant persons must maintain records, establish internal systems and reporting procedures, appoint a Compliance Officer and Reporting Officer, provide staff training, and maintain an independent audit function where applicable.
• Wire transfers (Part 4): Payment service providers of payers, payees and intermediaries must obtain, verify, retain and pass on payer/payee information accompanying transfers of funds, detect and act on missing or incomplete information, and report where such transfers appear suspicious.
• Enhanced measures for higher risk: Enhanced due diligence, including specific obligations for politically exposed persons and their family members/close associates, applies as set out in the Schedule.
• Enforcement: Breach of specified requirements under Parts 3 and 4 constitutes an offence.

The Regulations have been amended numerous times since 2008 (most recently in 2022) to extend coverage to digital asset businesses, refine occasional transaction thresholds, and update definitions; they remain in force with commencement dates for individual provisions fixed by ministerial notice or the specific amending instruments.

Key obligations

• Relevant persons must identify and verify the identity of customers and, where applicable, beneficial owners using reliable independent sources before or during establishment of a business relationship or occasional transaction.
• Relevant persons must apply enhanced due diligence measures for higher-risk situations, including politically exposed persons and their family members or close associates.
• Relevant persons must conduct ongoing monitoring of business relationships and transactions.
• Relevant persons must keep records of customer due diligence measures and transactions as required under Part 3.
• Relevant persons must establish internal systems, controls and reporting procedures, including designation of a Compliance Officer and a Reporting Officer.
• Relevant persons must provide AML/ATF training to relevant staff.
• Relevant persons with an independent audit function must maintain it as required.
• Payment service providers must obtain, verify and retain payer and payee information accompanying transfers of funds and take specified action where such information is missing or incomplete.
• Payment service providers must report transfers where missing or incomplete payer/payee information makes the transaction suspicious.
• Casino operators must apply specific timing rules for verifying patron identity and comply with restrictions on patron accounts and prohibited transactions.

Applies to

AML/ATF regulated financial institutions, independent professionals (professional legal advisers and accountants), casino operators, dealers in high value goods registered with the Registrar, real estate brokers and real estate agents, digital asset businesses, members of financial groups, payment service providers

Related documents

• This document is made under Proceeds of Crime Act 1997
• This document is made under Anti-Terrorism (Financial and Other Measures) Act 2004
• NAMLC Consultation Paper - Proposed Amendments to the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 to incorporate Proliferation Financing (PF) Risk Assessment and Mitigating Measures (2026-01-28) amends this document
• CP - Monetary Lending Activities (2018-02) amends this document
• Digital Asset Business Act 2018 amends this document
• Corporate Service Provider Business Act 2011 (Consultation Draft) amends this document
• Corporate Service Provider Business Act 2012 (Draft Bill) amends this document
• Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Amendment Regulations 2026 amends this document