Hashtag: #BermudaMonetaryAuthority

Elliot Students Visit BMA For Currency Lesson

Elliot Students Visit BMA For Currency Lesson

Students from Elliot Primary School visited the Bermuda Monetary Authority for a lesson in Bermuda’s currency. The students were also given an interactive tour of the Authority’s Museum. Ten P2 students from Ms. Bean’s class at Elliot Primary School recently visited the Bermuda Monetary Authority [BMA] for a lesson in Bermuda’s currency and... Read more of this article

Monetary Authority Fines Estera $500,000

Monetary Authority Fines Estera $500,000

The Bermuda Monetary Authority has fined Estera Services $500,000 due to the “company’s failure to adequately comply within a specified time frame with certain requirements.” BMA Statement A statement from the BMA said, “The Bermuda Monetary Authority has imposed civil penalties totalling $500,000 on Estera Services [Bermuda] Limited... Read more of this article

BMA Hosts 10th Financial Policy Council Meeting

BMA Hosts 10th Financial Policy Council Meeting

Bermuda Financial Policy Council [Council] held its tenth meeting on 24th April 2019, with the meeting hosted by the Bermuda Monetary Authority [BMA]. “The role of the Council is to assess possible threats to Bermuda’s financial stability, and to identify policies and actions to mitigate or eliminate such threats. It also advises the Government... Read more of this article

ICO Office Decisions On BMA & AG Chambers

ICO Office Decisions On BMA & AG Chambers

The Information Commissioner issued two decisions regarding the Bermuda Monetary Authority [BMA] and the Attorney General’s Chambers. A spokesperson said, “On 29 May 2019, Information Commissioner Gitanjali Gutierrez issued two decisions. In Decision 12/2019, Bermuda Monetary Authority [BMA], the Information Commissioner has upheld the denial of... Read more of this article

BMA ‘Day Of Giving’ With Tomorrow’s Voices

BMA ‘Day Of Giving’ With Tomorrow’s Voices

In show of support for children and families throughout the community, the Bermuda Monetary Authority recently partnered with Tomorrow’s Voices, Bermuda Registered Charity # 816, to help raise funds in support of their programmes and services offered to children and young adults on the autism spectrum. On Friday, 26 April, BMA staff wore their wacky... Read more of this article

Heron Bay Students Learn About Numismatics

Heron Bay Students Learn About Numismatics

Students from Ms. Wales’ P4 class at Heron Bay Primary School recently visited the Bermuda Monetary Authority for a lesson in Bermuda’s currency and tour of the Authority’s Museum of Notes and Coins. The presentation and tour were conducted by Ms. Tessa Ingham, Analyst in the BMA’s Finance and Currency Department. The BMA explained, “Numismatics... Read more of this article

BMA Expanding Community Outeach In 2019

BMA Expanding Community Outeach In 2019

In honour of its five decades of service to Bermuda this year, the Bermuda Monetary Authority [BMA] is expanding its community outreach throughout 2019. The BMA is partnering with a number of the island’s charities whose missions address five categories that include: children and families; arts and culture; the environment; education; and seniors. Five... Read more of this article

BMA Fine Colonial Pension Services $200,000

BMA Fine Colonial Pension Services $200,000

The Bermuda Monetary Authority has imposed a civil penalty on Colonial Pension Services Ltd in the amount of $200,000. “The civil penalty is imposed on the Company for breaching a condition of the Company’s licence and for committing multiple breaches of the Investment Business [Client Money] Regulations 2004 [the Regulations],” the BMA... Read more of this article

Bermuda Monetary Authority Celebrates 50 Years

Bermuda Monetary Authority Celebrates 50 Years

The Bermuda Monetary Authority [BMA] is celebrating 50 years in 2019, supervising, regulating and inspecting financial institutions. The BMA also issues Bermuda’s national currency, manages exchange control transactions, assists other authorities with the detection and prevention of financial crime, and advises Government on banking and other financial... Read more of this article

BMA: Captive Premiums Of Approximately $40B

BMA: Captive Premiums Of Approximately $40B

The Bermuda Monetary Authority [BMA] said they “had a total of 711 active captives [re]insurance licences on its register on 31 December 2018, totalling captive premiums at approximately $40 billion.” Saying that Bermuda maintains its position as the “premier jurisdiction for captives,” the BMA noted that nineteen new captives... Read more of this article

BMA Joins Global Financial Innovation Network

BMA Joins Global Financial Innovation Network

The Bermuda Monetary Authority [BMA] has joined the Global Financial Innovation Network [GFIN], which is a group of 29 international organisations “committed to supporting financial innovation in the interests of consumers.” “GFIN seeks to provide an efficient way for innovative firms to interact with regulators, including a cross-border... Read more of this article

‘Increase In New Re/insurance Registrations’

‘Increase In New Re/insurance Registrations’

The Bermuda Monetary Authority [BMA] said they “recorded a year-on-year increase in new [re]insurance registrations, from 58 in 2017 to 75 in 2018.” “The greatest year-on-year growth was experienced by Bermuda’s commercial [re]insurance sector, i.e. Class 3A, 3B, 4 general business and Class C, D, E long-term [re]insurers; 28 new... Read more of this article

Changes To Bermuda Monetary Authority Board

Changes To Bermuda Monetary Authority Board

The Bermuda Monetary Authority [BMA] announced changes to their Board, which includes a new Executive Chair and Deputy Chair. After nine years on the BMA Board, six as Chair, Gerald Simons has retired as Chair of the Board, and will be replaced by Jeremy Cox as Executive Chair for three years. Mr. Simons said, “Serving on the Board of the BMA has... Read more of this article