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Anti-Money Laundering Laws in Bermuda

The Property Group wish to make our valued customers aware of the new AML laws (Anti Money Laundering) that Bermuda is now subject to.

All Real Estate companies in Bermuda now have to register with the FIA (Financial Intelligence Agency) in order to obtain information from each person who is selling or purchasing property here in Bermuda. This new law is now effective. The reason for this is to try to control cases of money laundering and terrorist financing involving real estate. Other countries have similar legislation.

In order to be compliant and follow these new laws you will find that realtors will have to ask their buyers and sellers a lot more information than they have in the past. There are now certain forms you will be asked to complete, all of which will remain completely confidential. The information required on these forms is now obligatory. A property sale will run the risk of not closing if the information is not on file with your realtor. You will also have to supply a photo ID which can be certified by the realtor if they see the original, but if not, the photo ID needs to be certified by a lawyer, a qualified professional, or notary public.

Bermuda is under the scrutiny of the FIA authorities and therefore it is required that all realtors have this information on file. This is to ensure Bermuda’s prosperity and economic future as this will protect our blue-chip reputation as a world class financial centre.

So guys, we look forward to working with you! The Property Group will do everything possible to make this easy for our customers.

Sallyann Smith - Managing Director
The Property Group - 441-234-6900 - 441-535-4521
February 2018

The Property Group Ltd. Nautilus House, 82 South Road, Warwick WK08, Bermuda
• Tel:(441) 234-6900 • Fax:(441) 234-6892
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