Consultation Paper On AI Use In Financial Sector
The Bermuda Monetary Authority [BMA] has published a consultation paper on proposed guidance for the responsible use of AI in Bermuda’s regulated financial services sector.
A spokesperson said, “The Bermuda Monetary Authority [Authority or BMA] has published The Responsible Use of Artificial Intelligence in Financial Services in Bermuda, a Consultation Paper on a proposed Guidance Note for the responsible use of artificial intelligence [AI] in Bermuda’s regulated financial services sector. The proposal is intended to help firms understand how existing regulatory requirements apply when developing, deploying or using AI, while supporting innovation and maintaining appropriate safeguards.
“The proposed Guidance Note takes a principles-based and proportionate approach, covering key areas such as governance, risk management, data oversight, transparency, cyber security and operational resilience. It does not introduce new regulatory requirements or create a separate AI licensing regime but instead provides guidance on applying existing obligations to AI use.
“The BMA is inviting feedback from regulated entities and other stakeholders, with comments due to be submitted to policy@bma.bm by 30 October 2026.”
The full BMA Consultation Paper follows below [PDF here]:
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