Dealers in High Valued Goods (DIHVG)

Dealers in high value goods (jewelry dealers; car, boat and motorcycle dealers; precious metal and stone dealers; antique dealers and auctioneers) who, in a transaction or series of linked transactions, are desirous of accepting a total cash payment (in any currency) that is equivalent to at least BMD $7,500 must be registered with the Registrar of Companies (ROC) in accordance with the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008 (the “SEA Act”).

Requirements to apply for a licence 

You must supply the following information:

Your application for registration must supply the following information: 

1. A completed DIHVG Application Form[MMN1] 

2. Bermuda Police Service criminal background check letter

3. Required application fees

4. Proof of Bermudian status - copy of passport (as applicable)

5. Proof of immigration approval to work (spousal letter, permanent resident certificate) (as applicable)

6. Marriage certificate when there has been a change of name (as applicable)

7. GoAML registration email confirmation issued by the Financial Intelligence Agency

8. Fit and Proper Person Questionnaire[MMN2] 

9. List of Directors, as applicable

How to Apply

Follow the How to become a registered DIHVG Guide attached to the application form. Fees must be paid at the time of application submission. 

Fees

The initial registration fees are:

The annual fees are:

* Payments can be made by cash, cheque or wire transfer (see below for wire transfer details)

Wire Transfer Payment Instructions:

BANK  NAME ACCOUNT NUMBER  CURRENCY

HSBC Bermuda BERMUDA GOV-REGISTRAR OF COMPANIES            010-723971-501            USD

HSBC Bermuda BERMUDA GOV-REGISTRAR OF COMPANIES            010-723971-001            BMD

ROC Bank Information - Template

This Bank Information spreadsheet together with the bank wire transfer payment confirmation must be emailed to both rocaccounts@gov.bm and either dealers@gov.bm or dealers@rocbda.com.

Additional Information 

The bank accounts are for the deposits pertaining to payments made to the Registrar of Companies and are not intended for transactions with other government departments. There will be delays in allocating funds not intended for the Registrar of Companies and the department will not be held responsible for any penalties incurred. 

Include the DIHVG’s registration number in the bank reference field.

All bank fees are borne by the sender. Any shortages in fees will reflect as an underpayment and will generate a penalty, if applicable. Companies will be deemed to be non-compliant until the difference is paid in full. Contact HSBC for transaction fees.

Licence fees are deemed to have been received when the transaction appears on the Bermuda Government account- not on the date the funds were submitted. This must be taken into consideration when sending funds from other countries and other local banks that may require a longer period of time to process the funds. Contact HSBC for processing times.

Consolidated National Risk Assessment Report

Through the leadership of NAMLC, Bermuda conducted a national risk assessment in 2016, to identify the terrorist financing risks that affect Bermuda. In 2017, NAMLC conducted another national risk assessment to identify Bermuda’s money laundering risks. This was an update on the first money laundering national risk assessment that was done in 2013. A consolidated report on the findings of the 2016 and 2017 risk assessments  has been published. 

This summary report of Bermuda’s 2020 Terrorist Financing National Risk Assessment (TF NRA) provides highlights of the analysis and the underlying rationale, while also providing key information on the methodology used for the identification and analysis of TF risk factors.