Privacy Issues In New Beneficial Ownership Regime

• Published date: 20 October 2025
• Law Firm: Appleby
• Author: Mr Jarion Richardson, Brad Adderley and John Wasty

Bermuda has passed the Beneficial Ownership Act 2025, a landmark reform that consolidates and simplifies the ownership disclosure regime, introduces new roles and powers for the Registrar of Companies and sets out new responsibilities for companies themselves.

The Act arrives ahead of Bermuda's Caribbean Financial Action Task Force review and is intended to demonstrate that the jurisdiction can meet international transparency standards while safeguarding privacy rights.

For businesses and service providers, it signals higher compliance expectations, with accuracy, verification and enforcement now squarely at the forefront.

The Act, which was passed last month in the House of Assembly, also allows companies to penalise uncooperative beneficial owners. We are anticipating enactment within a few weeks.

Broadly speaking, the Act is a statement of Bermuda's intent to remain a trusted, well-regulated jurisdiction that can continue to compete globally while maintaining confidence in its legal and business environment.

It consolidates existing ownership disclosure rules into a single statute, raises the bar for verifying shareholder and controller information, and introduces stronger enforcement powers.

Under the legislation, companies and corporate service providers must ensure that beneficial ownership information is accurate, up to date and supported by documentary evidence, with penalties of up to $250,000 for non-compliance.

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