Bermuda Approved for KYC Compliance by IRS

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The Internal Revenue Service (IRS) has approved Bermuda’s Know Your Customer (KYC) rules, allowing entities and branches based in the island nation to submit Qualified Intermediary (QI) applications. This approval is part of the IRS’s efforts to ensure global compliance with anti-money laundering and combating the financing of terrorism regulations.

Approved Countries List

The IRS maintains a list on its website of countries that have submitted acceptable KYC rules, including Bermuda. The approved list provides a comprehensive overview of countries that have met the IRS’s standards for KYC compliance.

Standardized Attachments

Bermuda has developed standardized attachments outlining the specific types of documentary evidence required for QI applicants. These attachments are designed to facilitate a smoother application process and ensure that all necessary information is provided.

Verification Requirements

For entities and branches based in Bermuda seeking to apply for QI status, it is essential to verify that the KYC rules submitted cover all applicable regulations. For example:

• Banks may have different requirements under Bermuda’s KYC rules.
• Brokers may also have unique requirements under these rules.

Contact Information

The IRS has designated Ernest Leonardini as the KYC Coordinator for QI applications. He can be reached at:

• Phone: 212-436-1907
• Email: ernest.j.leonardini@irs.gov

View Bermuda’s Approved KYC Rules

Bermuda’s approved Know Your Customer rules can be viewed on the IRS website along with those of other countries that have met the agency’s standards for KYC compliance.