Hashtag: #BermudaMonetaryAuthority

BMA Warn About Email Phishing Attempts

BMA Warn About Email Phishing Attempts

The Bermuda Monetary Authority [BMA] said they have been “made aware of several e-mail phishing attempts targeting Bermuda-based financial services licensees registered with the Authority.” A spokesperson said, “The e-mails appear to be coming from false Bermuda Monetary Authority e-mail addresses or private e-mail accounts. “The fraudulent... Read more of this article

Monetary Authority To Collaborate With Lloyd’s

Monetary Authority To Collaborate With Lloyd’s

The Bermuda Monetary Authority [BMA] along with Lloyd’s, have “committed to jointly developing an initiative for closer collaboration and alignment between the world’s two major [re]insurance hubs.” A spokesperson said, “The initial focus will be on improving access to education academies and innovation through the Lloyd’s Lab and... Read more of this article

BMA Aim To ‘Inspire Inclusion’ On Women’s Day

BMA Aim To ‘Inspire Inclusion’ On Women’s Day

Today, on International Women’s Day [IWD], the women of the Bermuda Monetary Authority are “standing strong together to #InspireInclusion.” A spokesperson said, “Women play a prominent role in the BMA’s labour force, with a growing number serving in senior positions and strong representation on the Board of Directors. In 2024,... Read more of this article

ICO Decision On Bermuda Monetary Authority

ICO Decision On Bermuda Monetary Authority

Information Commissioner Gitanjali Gutierrez issued Decision 01/2024 in regards to the Bermuda Monetary Authority. A spokesperson said, “On 23 February 2024, Information Commissioner Gitanjali Gutierrez issued Decision 01/2024, Bermuda Monetary Authority. “In this Decision, the Applicant had made a PATI request for records relating to digital... Read more of this article

Monetary Authority Releases 2024 Business Plan

Monetary Authority Releases 2024 Business Plan

The Bermuda Monetary Authority [BMA] has released its 2024 Business Plan, stating that the “forward-looking blueprint details initiatives and projects to achieve positive outcomes and strengthen Bermuda’s regulatory framework for the upcoming year.” A spokesperson said, “Additionally, the plan highlights a continued focus on... Read more of this article

BMA Has Not Issued A Licence To Bitzelex

BMA Has Not Issued A Licence To Bitzelex

The Bermuda Monetary Authority advised that it has not issued a licence to Bitzelex Global [Bermuda] Ltd, adding that “any image of a licence and any corresponding claims to be licensed by the Authority are fraudulent.” A spokesperson said, “The Bermuda Monetary Authority [Authority or BMA] is aware of an image purporting to be a licence... Read more of this article

BMA Revokes Vesttoo Alpha’s Registration

BMA Revokes Vesttoo Alpha’s Registration

The Bermuda Monetary Authority [BMA] has “revoked the registration of Vesttoo Alpha P&C Fund, LP.” A spokesperson said, “The Vesttoo Fund was registered as a Professional Class B Fund on 18 August 2022 under the provisions of Investment Funds Act 2006 [Act]. “The Vesttoo Fund was specifically established to raise collateral... Read more of this article

BMA Gift Drive Collects Over 100 Toys For Tots

BMA Gift Drive Collects Over 100 Toys For Tots

The Bermuda Monetary Authority [BMA] has successfully collected over 100 toys for children through a staff gift drive benefiting the Coalition for the Protection of Children’s Toys for Tots program. A spokesperson said, “The donations will be distributed to families with the greatest need and include over 30 grocery and gift vouchers. The... Read more of this article

BMA Hosts 2nd Annual Community Clean-Up

BMA Hosts 2nd Annual Community Clean-Up

The Bermuda Monetary Authority hosted an Island Wide Clean-Up event in support of Keep Bermuda Beautiful as part of its annual Community Day. A spokesperson said, “The Bermuda Monetary Authority [Authority or BMA] participated in its Second Annual Community Day by hosting an Island Wide Clean-Up event on Thursday, 28 September 2023. The Authority’s... Read more of this article

BMA Levies Civil Penalties On Acadia Life

BMA Levies Civil Penalties On Acadia Life

The Bermuda Monetary Authority confirmed they have “levied civil penalties totalling $900,000 on Acadia Life Limited [Company], an entity registered by the Authority under the Insurance Act 1978 [Insurance Act] as a Class C insurer to carry on long-term insurance business.” A spokesperson said, “The civil penalties have been levied... Read more of this article

BMA & White Rock To Address Vesttoo Issues

BMA & White Rock To Address Vesttoo Issues

The Bermuda Monetary Authority [BMA] and White Rock Insurance [SAC] Ltd. said they “jointly agreed to a course of action in the Supreme Court of Bermuda that will focus on pursuing maximum recovery for the [re]insureds impacted by the alleged fraud involving Vesttoo related segregated accounts.” A spokesperson said, “Both parties have... Read more of this article

2022 Bermuda Monetary Authority Annual Report

2022 Bermuda Monetary Authority Annual Report

Premier and Minister of Finance David Burt tabled the Bermuda Monetary Authority Annual Report 2022  in the House of Assembly on Friday [June 2]. The Premier said, “The Authority’s mission is to contribute to Bermuda’s financial stability, protect customers of financial services and protect Bermuda’s currency through: maintaining effective... Read more of this article

BMA Invites Feedback On Bank OTL Fees

BMA Invites Feedback On Bank OTL Fees

“The Banks and Deposit Companies Act 1999 was recently amended [in section 60[2]], to enable the Minister of Finance to ‘regulate any commercial or operational business fee, charge or penalty’ applied by banks to their customers,” the Bermuda Monetary Authority said. A spokespeson said, “In this connection, the Bermuda... Read more of this article

‘Has Not Issued A Licence To The Company’

‘Has Not Issued A Licence To The Company’

The Bermuda Monetary Authority [BMA] said they are “aware of claims made by the Royal Investment Consortium [Company] in which the Company claims that it can form offshore companies in Bermuda, among other countries.” A spokesperson said, “In Bermuda, companies can only be formed by businesses that have received a licence issued by... Read more of this article

Coinbase Granted Digital Asset Licence

Coinbase Granted Digital Asset Licence

Coinbase Bermuda has obtained a license from the Bermuda Monetary Authority [BMA]. An update on the company’s website said, “Coinbase Bermuda Ltd. has obtained a Class F License under the Digital Asset Business Act from the Bermuda Monetary Authority [BMA]. Bermuda was one of the first financial centers to pass comprehensive digital assets... Read more of this article

Toby Mason Appointed As BMA’s New COO

Toby Mason Appointed As BMA’s New COO

The Bermuda Monetary Authority [BMA] has appointed Toby Mason as the Authority’s next Chief Operating Officer [COO], reporting to Deputy Chief Executive Officer Shanna Lespere. A spokesperson said, “Through this role, Mr Mason will oversee the Authority’s infrastructure, supporting organisational growth and improving results and efficiency... Read more of this article