Consultation Opens On Bank Account Access
The Bermuda Monetary Authority has launched a consultation on proposed amendments that would ”introduce an obligation for institutions to provide basic bank accounts” to legal Bermuda residents.
The consultation paper — which us dated August 7, 2026 — states, “This Consultation Paper [CP] invites feedback on the proposed amendments to the Banks and Deposit Companies Act 1999 [BDCA or the Act]. The amendments seek to introduce an obligation for institutions to provide basic bank accounts to eligible individuals.
“To accomplish this objective, it is proposed that the BDCA be updated to include a requirement for the provision of basic bank accounts. Under Section 14[5][a] of the Act, institutions will be required to offer these types of accounts. The features and eligibility criteria for these accounts will be outlined in the accompanying Regulations.
“Industry and other stakeholders are invited to provide feedback on the proposals outlined in this paper and its attachments by emailing their comments to policy@bma.bm by the close of business on 22 September 2026.”
In providing background, the consultation paper said, “Access to basic bank accounts plays a crucial role in ensuring that all eligible individuals, regardless of their financial status, social conditions or geographic location, can participate in the formal financial system. These accounts serve as a vital foundation for managing everyday financial activities, such as making deposits, withdrawing cash, paying bills and transferring payments. By granting access to these essential banking services, basic bank accounts equip individuals with the tools needed for financial independence and effective money management.
“The need for basic bank accounts has become even more pressing in recent years due to the declining reliance on cash in many economies worldwide. Most employers now pay salaries directly into bank accounts, leaving those without one at a significant disadvantage. The inability to receive wages electronically creates serious challenges, including securing employment, as a bank account has become a critical requirement for many jobs. By providing access to basic bank accounts, these barriers can be removed, allowing individuals to participate more actively in the labour market.”
The document adds, “It is proposed to amend the Act to incorporate the provision of basic bank accounts and related products and services as a mandatory service for institutions licensed under section 14[5][a]. It is proposed to amend the Act to allow the Minister of Finance, acting upon the Authority’s advice, to issue Regulations outlining the product and service features of a basic bank account and the eligibility criteria for basic bank account holders.
“To qualify for a basic bank account, it is proposed that certain eligibility criteria apply as below:
- a. legal Bermuda residents only;
- b. limited to retail customers, business accounts are not permitted;
- c. be of legal age to enter into a bank account contract;
- d. customers will be limited to one basic bank account [either in their own name or joint names];
- e. customers must meet relevant Anti-Money Laundering, Anti-Terrorist Financing [AML/ATF] and Know Your Customer [KYC] requirements, and must not use the account for fraudulent purposes; and
- f. customers cannot apply for a basic bank account if they already have standard current and/or savings account[s].”
The consultation paper concludes by saying, “Please provide the Authority with your feedback on the presented proposals or any challenges you may envision with implementation by emailing your comments to policy@bma.bm by the close of business on 22 September 2026.”
The full Consultation Paper follows below [PDF here]:
