Bermuda has strengthened financial regulations in line with international standards set by the Financial Action Task Force.

Updated legislation now includes the Beneficial Ownership Amendment Act 2026, which requires registered entities to actively verify ownership details using dependable sources, and extends the filing window from 14 to 30 days.

While the central register remains private, journalists, researchers and individuals with a “valid justification” can request data access under specific criteria.

Certain organisations like investment funds and regulated trustees are granted reporting exemptions provided they appoint a licensed local contact person.

Despite these exemptions, such entities must continuously maintain and promptly provide accurate ownership records when requested.

An article on the website of Society of Trust and Estate Practitioners discusses the amendment to the law that requires companies to identify and publicly or privately disclose the people who ultimately own, control or profit from a legal entity.

One of the sources for the article, law firm Walkers, reports that journalists and media organisations whose activities are connected with the prevention or combating of money laundering or related offences, terrorist financing or proliferation financing may have access.

Media searches require registrar approvals for limited disclosures for specific purposes, and historic disclosures for companies that have been liquidated, dissolved or struck in the past five years.

But core insights from the legislative changes include the enhanced obligations of those in Bermuda to maintain, verify and update accurate beneficial ownership information. And updated rules govern access to beneficial ownership information, including legitimate interest applications and restrictions on further disclosure.

The obligation to maintain up-to-date beneficial ownership information is strengthened by requiring “reasonable steps” to verify information using reliable and independent sources.

The amendment clarifies the treatment of certain ownership and control arrangements for the purpose of identifying beneficial owners of Bermuda-registered or incorporated legal persons.

The Step website said: “Information stored on the central register is not generally available to the public, but an additional set of regulations sets out how applications for disclosure of beneficial ownership information can be made, and how they will be determined by the registrar.”

The Beneficial Ownership Exemption Order 2026 sets out those exempted from reporting.

Beneficial owners themselves can ask the registrar for an exemption from disclosure to people seeking “legitimate interest” access, but exemptions will only be granted if disclosure would put them in serious danger, or if the information relates to a minor or person lacking capacity, or other special reasons.