In Bermuda, Travel Rule requirements are set forth in the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 ("Regulations")
Threshold
Amount | Currency | Source |
N/A | N/A | N/A |
* A threshold of $1000 applies to the obligation of the Payee's PSP and the Payer's PSP to verify the information on their respective customers in the case of transfers of funds not made from an account (Sections 23 (4) and 29 (3)). However, the obligation to transmit information applies regardless of the transaction amount.
Required Originator and Beneficiary information vs Notabene system
Party to the TX (*) | Required information (**) | IVMS field | Required? (***) |
Originator | Name |
| Yes |
Originator | Account number |
| Yes |
Originator | Address |
| OR |
Originator | National identity number |
| OR |
Originator | Customer identification number |
| OR |
Originator | Date and place of birth |
| OR |
Beneficiary | Name |
| Yes |
Beneficiary | Virtual asset account number |
| Yes |
(*) Originator means Payer and Beneficiary means Payee, as defined in Section 21 of the Regulations
(**) According to Sections 23 (1) and 21
(***) YES = Required ; OR = Alternative fields