Hashtag: #BermudaMonetaryAuthority

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

24 Exchange Broker Receives License

24 Exchange Broker Receives License

24 Exchange announced that its new affiliate, 24 Exchange Broker Limited, has received a license from the Bermuda Monetary Authority [BMA] to begin operating as a digital asset service vendor. A spokesperson said, “This license further cements the 24 Exchange platform at the forefront of seamless exchange trading across a broad range of FX and crypto... Read more of this article

Bermuda Dollar Introduced 52 Years Ago

Bermuda Dollar Introduced 52 Years Ago

In 1972, the “UK Government decided to abolish the Sterling Area” and the Bermuda dollar exchange was fixed on par with the United States dollar, and “along with that came the introduction of the Bermuda dollar, which was launched on 6 February 1970.” This is according to a document from the BMA which said, “The formation... Read more of this article

BMA Issues Order Of Prohibition Against Cooke

BMA Issues Order Of Prohibition Against Cooke

The Bermuda Monetary Authority [BMA] has issued an “order of prohibition” against Nicholas Mark Cooke, a citizen of the United Kingdom. A spokesperson said, “The Bermuda Monetary Authority [Authority or BMA], exercising its powers pursuant to the provisions of Section 32H of the Insurance Act 1978 [Insurance Act] has issued an order of... Read more of this article

BMA Cancels Insurance Registration Of Signify

BMA Cancels Insurance Registration Of Signify

The Bermuda Monetary Authority [BMA] has cancelled the insurance registration of Signify Insurance Ltd. for “breaches of the Insurance Act 1978.” A spokesperson said, “The Bermuda Monetary Authority [Authority or BMA] has cancelled the insurance registration of Signify Insurance Ltd. [Company], a Class 1 insurer, for breaches of the Insurance... Read more of this article

Monetary Authority Release 2022 Business Plan

Monetary Authority Release 2022 Business Plan

The Bermuda Monetary Authority released its 2022 Business Plan which details their “objectives and initiatives for the year ahead.” A spokesperson said, “While this includes the maintenance of its longstanding commitments, such as detecting and preventing financial crime, exercising prudential regulatory and supervisory oversight... Read more of this article

Garcia Appointed To IAIS Executive Committee

Garcia Appointed To IAIS Executive Committee

The Bermuda Monetary Authority [BMA] announced that Chief Actuary, Ricardo Garcia, who also serves as Vice-Chair of the International Association of Insurance Supervisors’ [IAIS] Policy Development Committee [PDC], has been appointed to the IAIS Executive Committee [ExCo], succeeding BMA Chief Executive Officer, Craig Swan, in this role. A spokesperson... Read more of this article

Monetary Authority Releases Captive Report

Monetary Authority Releases Captive Report

The Bermuda Monetary Authority [BMA] released the 2020 BMA Captive Report which highlights the market results from the 2019 year-end statutory financial returns by general business captive insurers [i.e., Class 1, Class 2 and Class 3 insurers]. The BMA said, “The report focuses on four key areas: business written, industry utilisation, balance sheet... Read more of this article

Monetary Authority Appoints Ashley Kibblewhite

Monetary Authority Appoints Ashley Kibblewhite

The Bermuda Monetary Authority announced the appointment of Ashley Kibblewhite as the Director of its Banking, Trust, Corporate Services and Investments [BTCSI] Department, effective October 4th. A spokesperson said, “As part of the BMA’s succession planning, the Authority, in February 2021, undertook an extensive search via a selection committee... Read more of this article