Byrne Appointed Vice Chair of IAIS Task Force

July 9, 2018 | 0 Comments

The Bermuda Monetary Authority’s [BMA] Chief Enforcement Officer Garrett Byrne has been appointed Vice Chair of the International Association of Insurance Supervisors’ [IAIS] Financial Crime Task Force.

The IAIS is a global standard setting body which promotes effective and globally consistent supervision of the insurance industry.

Its Financial Crime Task Force is comprised of representatives with experience in policy and/or supervisory measures to combat financial crime from the likes of the US, Brazil, Canada, France, Germany, Switzerland and Singapore. The group meets four times a year and convened for the first time in Bermuda in March 2018.

Mr. Byrne commented: “Serving on the IAIS’ Financial Crime Task Force is of critical importance for the BMA and Bermuda at a time when companies’ cybersecurity measures, and the efforts of countries to combat money laundering and terrorist financing, are increasingly under review. The Task Force’s current focus is to monitor cyber-crime initiatives within the financial sector and developments in combatting terrorist financing.”

This follows the appointments of Craig Swan, Managing Director, Supervision [Insurance] and Marcelo Ramella, Deputy Director, Financial Stability in January this year as Co-Vice chairs of the IAIS’ Policy Development Committee and the Macroprudential Committee, respectively.

Bermuda was a founding member of the IAIS in 1994. Today, its membership includes insurance regulators and supervisors from more than 200 jurisdictions in nearly 140 countries.

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