Bermuda’s new beneficial ownership framework is expected to be published soon and implemented on or around November 3, law firm Conyers has reported in its latest news alert. Photo: Daily Herald

The Beneficial Ownership Act 2025 received Royal Assent on September 28, and will come into operation once gazetted.

The framework comprises the Act, the Beneficial Ownership Regulations 2025 and related guidance notes.

Revisions for the long-standing Bermuda framework includes enhancement of the regime in accordance with the revised Financial Action Task Force international standards.

The framework aims to enhance transparency and combat financial crimes while ensuring that only authorised entities can access the information. The framework transfers the central register of companies from the Bermuda Monetary Authority to the Registrar of Companies.

The changes also widen the scope of those who will have access to the register. Entities and persons covered by the new rules must ensure they meet the new standards by updating their registers.

Conyers noted: “We are working to update our internal platforms. Once these upgrades are completed, we will be reaching out to all clients with instructions on accessing the Conyers portal to complete a new beneficial ownership notification online form.”

The new rules no longer exempts permit companies and financial institutions like insurance and reinsurance companies and investment funds.

The registrar has now developed a stand-alone, fit for purpose and secure electronic database. Outreach and training sessions on the portal will take place throughout this month.

The new framework allows access to the registry by certain competent authorities and obliged entities, which include financial institutions and designated non-financial business businessmen and women.

Conyers added: “Further, we also understand that the regulations will provide that entities will not be able to access [beneficial ownership information – Ed.] BOI that is suppressed from the register following an application by a beneficial owner at serious risk of exposure to harm, such as fraud, kidnapping, blackmail, extortion, harassment, violence, intimidation or some other harm.”