Financial Intelligence Agency (FIA)
Bermuda's financial intelligence unit. It receives, analyses, and disseminates suspicious activity reports to law enforcement and competent authorities.
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AML/CTF Compliance in Bermuda
Bermuda regulates AML/CTF through the Financial Intelligence Agency under the Proceeds of Crime Act 1997. See the obligations and how MemberCheck supports them.
Last updated
Screening coverage for Bermuda
- Sanctions & PEP screening
- Adverse media checks
- Customer identity verification
- Jurisdiction risk checks
- Ongoing monitoring
Key facts
AML supervisor / FIUFinancial Intelligence Agency (FIA)
FATF statusCFATF member
Primary legislationProceeds of Crime Act 1997; Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008
Overview
AML/CTF compliance in Bermuda.
Bermuda regulates money laundering and terrorist financing through the Proceeds of Crime Act 1997 and its 2008 regulations, supported by the Financial Intelligence Agency, which receives and analyses suspicious activity reports.
Regulated entities must apply customer due diligence, identify beneficial owners, monitor relationships, and report suspicious activity to the FIA, alongside supervision from the Bermuda Monetary Authority. Supervisors expect a designated compliance officer, sound internal controls, and staff training.
MemberCheck helps teams meet these obligations by screening customers and entities against global sanctions, PEP, and adverse-media data, verifying identities, and monitoring risk continuously, with a clear audit trail behind every decision.
Regulation
All solutions →Key laws and regulators.
Proceeds of Crime Act 1997 and 2008 Regulations
These form the core of Bermuda's AML framework, setting customer due diligence, recordkeeping, and reporting obligations for financial institutions.
Bermuda Monetary Authority
The BMA supervises banks, insurers, and other licensed financial institutions for AML/CTF compliance, working alongside the FIA.
CFATF membership
Bermuda is a member of the Caribbean Financial Action Task Force, a FATF-style regional body, and aligns its regime with the FATF 40 Recommendations through that membership.
Obligations
What regulated businesses must do.
- Apply customer due diligence and identity verification
- Identify beneficial owners of corporate customers
- Report suspicious activity to the FIA
- Conduct ongoing monitoring of customer relationships
- Maintain internal controls and a compliance officer
- Maintain records and provide staff training
1,000+
Global watchlists screened
<1s
Average screening response
24h
Watchlist refresh cycle
195
Countries covered
FAQ
Common questions.
Who supervises AML/CTF in Bermuda?
The Financial Intelligence Agency (FIA) receives and analyses suspicious activity reports, while the Bermuda Monetary Authority supervises banks, insurers, and other licensed financial institutions for AML/CTF compliance.
What is the main AML law in Bermuda?
The Proceeds of Crime Act 1997, together with the 2008 Anti-Money Laundering and Anti-Terrorist Financing Regulations, sets the customer due diligence, recordkeeping, and reporting obligations for regulated entities.
Is Bermuda a member of FATF?
Bermuda is a member of CFATF, the FATF-style regional body for the Caribbean, and aligns its AML/CTF regime with the FATF 40 Recommendations through that membership.
How does MemberCheck support AML compliance in Bermuda?
MemberCheck screens customers and entities against global sanctions, PEP, and adverse-media data, verifies identities, and monitors risk continuously, with an audit trail behind every decision.
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