Hashtag: #BermudaMonetaryAuthority

BMA: Fraudulent Bank Of Nevis Website

BMA: Fraudulent Bank Of Nevis Website

The Bermuda Monetary Authority is advising the public of a “fraudulent website which falsely claims to be a crypto bank operating from an address in Bermuda and which falsely uses the name of a real bank.” A spokesperson said, “The Bermuda Monetary Authority [the Authority] has been made aware of a fraudulent website at www.bankofnevis.com... Read more of this article

BMA Cancels Registration For Breaches Of Act

BMA Cancels Registration For Breaches Of Act

The Bermuda Monetary Authority [BMA] has “cancelled the insurance registration of Economic Risk Insurance, Ltd., a Class 3 insurer, for breaches of the Insurance Act 1978.” A spokesperson said, “Exercising its powers to cancel the registration of the Company pursuant to the provisions of sections 41[1][b][ii], [iv] and [v] of the Insurance... Read more of this article

BMA Fines Crown Global Life Insurance $400K

BMA Fines Crown Global Life Insurance $400K

The Bermuda Monetary Authority  has “imposed civil penalties totalling $400,000 on Crown Global Life Insurance Ltd. and Crown Global Life Insurance [Bermuda] Ltd. [the Companies] pursuant to the provisions of section 20 of the Proceeds of Crime [Anti-Money Laundering & Terrorist Financing Supervision & Enforcement] Act 2008.” A... Read more of this article

BMA Revokes Phoenix Law Chambers’ Licence

BMA Revokes Phoenix Law Chambers’ Licence

The Bermuda Monetary Authority has revoked the corporate service business provider licence of Phoenix Law Chambers. The BMA said, “The Bermuda Monetary Authority [Authority] has revoked the corporate service business provider Licence of Phoenix Law Chambers [PLC], a Corporate Service Provider [CSP], for breaches of the Corporate Service Business... Read more of this article

BMA Provides Update: Holding Board Meetings

BMA Provides Update: Holding Board Meetings

“The Authority expects registrants to continue to conduct regular board meetings by telephone, video conference, or other virtual means, where it is not practical to meet physically during this period,” the Bermuda Monetary Authority said. A spokesperson said, “The Bermuda Monetary Authority [Authority or BMA] recognises that COVID-19... Read more of this article

BMA Appoint Ricardo Garcia & Marcelo Ramella

BMA Appoint Ricardo Garcia & Marcelo Ramella

The Bermuda Monetary Authority announced the appointment of Ricardo Garcia as Vice-Chair of the IAIS Policy Development Committee, and Marcelo Ramella as Vice-Chair to the Macroprudential Committee. A spokesperson said, “The Bermuda Monetary Authority announced today the appointment of two of its staff to International Association of Insurance... Read more of this article

BMA Issue Public Censure To Blue Nile Services

BMA Issue Public Censure To Blue Nile Services

The Bermuda Monetary Authority has issued a “Public Censure” to Blue Nile Services Limited. A spokesperson said, “The Bermuda Monetary Authority [Authority] has issued a Public Censure to Blue Nile Services Limited (Company), a money service business provider, for a number of breaches of the Proceeds of Crime (Anti-Money Laundering... Read more of this article

Advisory: Website/Emails Falsely Linked To BMA

Advisory: Website/Emails Falsely Linked To BMA

The Bermuda Monetary Authority [BMA] has advised that anyone who receives an email from the domain www.bmafinancier.com to “ignore its contents and to report it to the Bermuda Police Service.” A spokesperson said, “The Bermuda Monetary Authority [BMA] has been made aware that an internet domain has been registered in the name of www.bmafinancier.com. “While... Read more of this article

BMA Advisory On Holding Board Meetings

BMA Advisory On Holding Board Meetings

“The Authority expects registrants to continue to conduct their board meetings virtually, by telephone, video conference or other virtual means, where it is not practical to meet physically during this period,” the Bermuda Monetary Authority said. A spokesperson said, “The Bermuda Monetary Authority [Authority] recognises that COVID-19 continues... Read more of this article

Monetary Authority Appoints Gerald Gakundi

Monetary Authority Appoints Gerald Gakundi

The Bermuda Monetary Authority announced the appointment of Gerald Gakundi to the position of Director, Supervision [Insurance]. “Mr. Gakundi has more than 15 years’ experience in the insurance industry. After joining the Authority in 2010 as Assistant Director, Supervision [Insurance], he was subsequently promoted to Deputy Director. He has... Read more of this article

ICO Decision On Bermuda Monetary Authority

ICO Decision On Bermuda Monetary Authority

Information Commissioner Gitanjali Gutierrez issued Decision 08/2020 in regards to the Bermuda Monetary Authority [BMA]. A spokesperson said, “Information Commissioner Gitanjali Gutierrez issued Decision 08/2020, Bermuda Monetary Authority [BMA], involving a PATI request for records related to the BMA’s staff recruitment plans. The BMA refused access... Read more of this article

Financial Policy Council On Economic Recovery

Financial Policy Council On Economic Recovery

The Financial Policy Council [FPC] held its fourteenth meeting on July 23rd via teleconference, with the members highlighting “that a comprehensive Economic Recovery Plan should be put in place as a matter of urgency.” A Government spokesperson said, “The Financial Policy Council [FPC] held its fourteenth meeting on 23 July 2020 via teleconference.... Read more of this article

Monetary Authority Release 2019 Annual Report

Monetary Authority Release 2019 Annual Report

The Bermuda Monetary Authority released its 2019 Annual Report, reflecting on its five decades of service to Bermuda’s financial sector & highlighting the achievements of its 50th Anniversary year. Jeremy Cox, Executive Chair, says, “It was a year in which we reinforced our commitment to the Authority’s value proposition by rolling up our... Read more of this article