Aug 2026
The Bermuda Monetary Authority (BMA) has announced that effective 1 October 2026 a Police Clearance Certificate will be required for applications or notifications relating to AML/ATF regulated financial institutions submitted to the BMA, where the submission requires BMA vetting of a Key Person. This includes new applications appointments and notifications of changes to a Key Person submitted on or after 1 October 2026 requiring BMA vetting; complete submissions received by the BMA before that date are unaffected.
What Is Required?
In the context of an AML/ATF regulated financial institution, a “Key Person” includes any person subject to a fit and proper assessment under the minimum criteria for licensing or registration in the relevant regulatory Acts. The new requirement provides that:
- a Police Clearance Certificate must accompany each “Key Person’s” personal declaration form;
- the certificate must be no more than 12 months old at the date of submission to the BMA;
- a certificate must be provided from every country where the individual was ordinarily resident for more than six months at any time during the preceding three years; and
- where a certificate cannot be obtained from a particular jurisdiction, the BMA may consider suitable substitute documentation on a case-by-case basis.
Who will this affect?
This will affect entities which are or are to be registered as AML/ATF regulated financial institutions, which includes:
- Insurers carrying on direct long-term business (but not reinsurers) registered under the Insurance Act 1978;
- Insurance managers registered under the Insurance Act 1978;
- Insurance brokers and marketplace providers in relation to long-term business;
- Fund administrators registered under the Fund Administration Provider Business Act 2019;
- Operators of investment funds registered under the Investment Funds Act 2006;
- Corporate service providers licensed under the Corporate Service Provider Business Act 2012;
- Trust service providers licensed under the Trusts (Regulation of Trust Business) Act 2001;
- Money service businesses licensed under the Money Service Business Act 2016;
- Investment business providers licensed under the Investment Business Act 2003; and
- Any other persons carrying on any other business or activity designated as a regulated financial institution for AML/ATF purposes under Bermuda law.
Transitional Provisions
The new requirement applies only to applications or “Key Person” change notifications submitted on or after 1 October 2026. Applications or “Key Persons” change notifications received in full before that date are not affected. This new requirement will therefore not apply retroactively to complete submissions already received by the BMA.
Practical Next Steps
Regulated entities should consider the following ahead of 1 October 2026:
- identify upcoming Key Person appointments or changes that will require BMA vetting;
- review the proposed Key Person’s residence history for the preceding three years to identify the jurisdictions from which Police Clearance Certificates will be required;
- allow sufficient time to obtain certificates, particularly where certificates are required from multiple jurisdictions;
- ensure that each certificate is no more than 12 months old when submitted to the BMA; and
- where a certificate cannot be obtained, consider what substitute documentation may be available for submission to the BMA.
The new requirement should be factored into the timing of regulatory applications and Key Person change notifications, particularly where the proposed Key Person has lived or worked in multiple jurisdictions.
A separate update addressing insurance sector-specific considerations will be published soon. Should you have any questions regarding this new policy, please reach out to your usual Conyers contact.