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Monetary Authority Releases 2021 Captive Report

Monetary Authority Releases 2021 Captive Report

The Bermuda Monetary Authority [BMA] released the 2021 BMA Captive Report, which highlights the “market results from the 2020 year-end statutory financial returns submitted through the E-SFR system with a focus on the general business captive insurers [i.e., Class 1, Class 2 and Class 3 insurers].” The BMA said, “The report focuses... Read more of this article

BMA Cancels Registration Of HBC Management

BMA Cancels Registration Of HBC Management

The Bermuda Monetary Authority [BMA] has “cancelled the registration of HBC Management Limited.” A spokesperson said, “The Company was registered as a non-licensed person [NLP] on 20 November 2019 under the provisions of Section 10 of the Proceeds of Crime [Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement]... Read more of this article

‘Important To Understand The Product & Its Risk’

‘Important To Understand The Product & Its Risk’

Digital asset technology is growing in adoption, the level of risk associated will vary according to the use case and product design and it is “important for the public to understand the product and its risk before entering into any agreement,” the Bermuda Monetary Authority [BMA] said. A spokesperson said, “Digital asset technology... Read more of this article

BMA Launches ‘Deposit It Or Exchange It’

BMA Launches ‘Deposit It Or Exchange It’

The Bermuda Monetary Authority [BMA] launches its campaign ‘Deposit It or Exchange It’ to remind the public that, from 31 December 2022, they will have one year to deposit or exchange the horizontal Bermuda Dollars legacy banknotes. A spokesperson said, “Effective 1 January 2024, these notes will be retired and no longer have value as legal tender. “Removing... Read more of this article

BMA Participates In Community Day Clean-Up

BMA Participates In Community Day Clean-Up

The Bermuda Monetary Authority [BMA] participated in its first Annual Community Day event on Thursday [Oct 6] spending the day cleaning up various parts of the island in support of Keep Bermuda Beautiful [KBB]. Craig Swan, the Authority’s Chief Executive Officer, stated, “The BMA’s first Annual Community Day was a success, attracting over 150... Read more of this article

CoinZoom Global Gets License From BMA

CoinZoom Global Gets License From BMA

CoinZoom announced its Bermuda based subsidiary CoinZoom Global, Ltd. has been granted a license under the Digital Asset Business Act [DABA] from the Bermuda Monetary Authority [BMA]. A spokesperson said, “CoinZoom, a U.S. based cryptocurrency exchange and leading fintech company announced its Bermuda based subsidiary CoinZoom Global, Ltd. has been... Read more of this article

Amendment To Expand BMA’s Mandate

Amendment To Expand BMA’s Mandate

Bermuda’s Governor has provided assent to a bill to amend the Bermuda Monetary Authority Act 1969 [BMA Act] “by adding a principal object to cover matters related to the conduct of business by financial institutions.” A spokesperson said, “The BMA Act is the statute that established the Bermuda Monetary Authority [Authority or BMA] and... Read more of this article

BMA Issue Warning About Renfrew Capital

BMA Issue Warning About Renfrew Capital

The Bermuda Monetary Authority issued a “Public Warning regarding Renfrew Capital Management.” A spokesperson said, “Renfrew is operating a website at renfrewcapitalmgmt.co which appears to offer investment services from Bermuda and Ireland. Renfrew has not been issued any licences by the Authority, which would be required in order to... Read more of this article

Bermuda Monetary Authority Report Tabled

Bermuda Monetary Authority Report Tabled

Premier and Minister of Finance David Burt tabled the Bermuda Monetary Authority Annual Report 2021 in the House of Assembly today [May 20], with the Premier saying he wishes to “express my sincere thanks to the Board and staff of the Authority for helping to bring so much success to Bermuda. ” The Premier’s full statement follows below: Mr.... Read more of this article

BMA  Appoints Garcia As Managing Director

BMA Appoints Garcia As Managing Director

The Bermuda Monetary Authority’s [BMA] announced that Ricardo Garcia has recently been appointed Managing Director of the Authority. A spokesperson said, “The Managing Director position encompasses several responsibilities. Mr. Garcia will be responsible for the Authority’s supervision of insurance, banking, trust, corporate services, investment... Read more of this article

BMA: $2 Million In Civil Penalties On Conyers

BMA: $2 Million In Civil Penalties On Conyers

The Bermuda Monetary Authority has levied civil penalties of just over $2 million on Conyers Corporate Services Limited and Conyers Trust Company [Bermuda] Limited for “historic failures to adequately comply” with certain regulations. Conyers Corporate Services Limited: $981,000 A spokesperson said, “The Bermuda Monetary Authority... Read more of this article

Monetary Authority Appoints Shanna Lespere

Monetary Authority Appoints Shanna Lespere

The Bermuda Monetary Authority announced that Shanna Lespere has been appointed to the new permanent Deputy Chief Executive Officer [Deputy CEO] post of the Authority, effective immediately. “The Deputy CEO position encompasses several responsibilities. Mrs. Lespere will be tasked with providing executive leadership and strategic direction concerning... Read more of this article

BMA Warns About ‘Fraudulent Email’ Circulating

BMA Warns About ‘Fraudulent Email’ Circulating

The Bermuda Monetary Authority has issued an advisory about a “fraudulent email targeted at Bermuda’s financial services entities.” A Government spokesperson said, “On Tuesday 8 March 2022, the Bermuda Monetary Authority [Authority or BMA] was made aware of a fraudulent email targeted at Bermuda’s financial services entities which... Read more of this article