Bermuda AML Obligations for Accountants: Proceeds of Crime Regulations 2008 and the AML/ATF Board

In Bermuda, accountants in independent practice are covered by the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 and by the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008. A dedicated body, the Barristers and Accountants AML/ATF Board, acts as their supervisory authority, and suspicious activity is reported to the Financial Intelligence Agency (FIA). This guide draws on the text of the Regulations as published by the Bermuda Monetary Authority (reflecting amendments through BR 100/2025, effective 3 November 2025) and on the Act and the Board's own material, and it is open about what we could not confirm. It is general information, not legal advice.

Who is covered and who supervises

Regulation 2(1) of the Regulations defines an independent professional to include an accountant in independent practice who provides services in listed financial or real property transactions, such as buying and selling real property or organising contributions for companies. Regulation 4 applies the Regulations to independent professionals alongside financial institutions, casino operators, dealers in high value goods and real estate brokers.

The Supervision and Enforcement Act defines a "firm" to include accountants in independent practice who are members of Chartered Professional Accountants of Bermuda, and a "regulated professional firm" as one that provides legal or accountancy services when participating in financial or real property transactions concerning specified activities. The Board's own page says it has been designated by the Minister of Justice under section 4(1) of the Act and was set up jointly by Chartered Professional Accountants of Bermuda and the Bermuda Bar Association. Under section 30B, firms must register with it, and under section 30C they must register annually and update material changes.

Customer due diligence

Regulation 6(1) sets the triggers: establishing a business relationship, carrying out an occasional transaction, suspecting money laundering or terrorist financing, and doubting previously obtained information. The general threshold for an occasional transaction is $15,000 or more. Regulation 3 sets the beneficial owner test at 25% or more of the shares or voting rights of a non-listed body, with analogous tests for partnerships and trusts. Regulation 11 covers enhanced due diligence and politically exposed persons, including senior management approval, source of wealth and funds checks, and enhanced monitoring. For the general method, see our guides to KYC and customer due diligence in accountancy practices and ultimate beneficial ownership.

Internal controls, officers and training

The Regulations require a layered set of internal roles:

• Policies and a risk assessment under regulation 16, and an independent audit function under regulation 17A.
• A Reporting Officer under regulation 17, with internal reporting procedures and disclosure to the FIA. Regulation 17(2) exempts sole practitioners with no employees or associates.
• A Compliance Officer at managerial level under regulation 18A.
• Training and screening under regulation 18, so that relevant employees are made aware of the law, trained regularly and screened before hiring.

Our guide to suspicious activity reports and tipping off is UK-focused but explains the practical sequence of spotting, escalating and reporting. A supervisory authority that suspects money laundering must also tell the FIA promptly under section 5(4) of the Act, and a good-faith disclosure does not breach any restriction on disclosure.

Record keeping

Regulation 15(3) requires records to be kept for the duration of the business relationship plus five years, or for five years from the completion of an occasional transaction. Regulation 15(2) lists the records. A Harneys client article of 27 January 2026 describes the same five-year position.

Penalties and enforcement

Regulation 19(1) sets a fine of $50,000 on summary conviction, and on conviction on indictment a fine of $750,000, imprisonment for two years, or both. Regulation 19(3) provides a defence for those who took all reasonable steps and exercised due diligence, and Part 4 offences in regulation 32 carry the same penalty levels. The Act gives supervisory authorities powers including information notices, site visits, directives, public censure and prohibition orders, and section 20 provides for civil penalties unless the firm took all reasonable steps. The maximum civil penalty for designated professional bodies was not in the text we could read. For the BMA, the Act states a ceiling of $10,000,000.

What we could not confirm

• The maximum civil penalty available to the Board for accountants, because section 30I was not readable in the text we found.
• The Board's current guidance notes for accountants. The Board's page lists lawyers' guidance notes, and the Bar Rules we read describe supervision of barristers more fully than of accountants.
• Registration forms, fees and deadlines for accountancy firms.
• The National Risk Assessment's findings about the accountancy sector.

Suggested next steps

These are our suggestions, not requirements. Confirm with the Board whether your firm is a regulated professional firm and registered. Appoint your Compliance Officer and Reporting Officer, or document why the sole-practitioner exemption applies. Check your own record retention against regulation 15(3). For team training, see our CPD courses.

Frequently asked questions

Are accountants in Bermuda covered by AML law?

Yes. Regulation 2(1) of the 2008 Regulations defines independent professionals to include accountants in independent practice who provide services in the listed transactions.

Who supervises accountants in Bermuda?

The Barristers and Accountants AML/ATF Board, which the Minister of Justice designated under section 4(1) of the Supervision and Enforcement Act.

How long must records be kept?

For the duration of the relationship plus five years, or five years from an occasional transaction, under regulation 15(3).