Hashtag: #BermudaMonetaryAuthority
BMA Release Paper On Supervisory Approach
The Bermuda Monetary Authority [BMA] has published an occasional paper sharing its experience in developing a framework for identifying, assessing and understanding money laundering [ML] and terrorism financing [TF] risks within Bermuda’s insurance sector. A summary of this paper will also be featured in the forthcoming Financial Action Task Force... Read more of this article
BMA: Digital Asset Business Code Of Practice
The Bermuda Monetary Authority released the Digital Asset Business Code of Practice 2018 which “provides guidance on the duties, requirements, procedures, standards and sound principles to be observed by persons carrying on Digital Asset Business.” The introduction states, “This Code of Practice is made pursuant to section 6 of the... Read more of this article
BMA: Requirements For Digital Asset Businesses
The Bermuda Monetary Authority [BMA] has released an Information Bulletin outlining what documentation is required when submitting an application for a digital asset business [DAB] licence. “The Digital Asset Business Act 2018 [the Act] makes provision for DAB licenses. To supplement the Act, the Digital Asset Business [Cybersecurity] Rules 2018,... Read more of this article
BMA Hire Moad Fahmi For Fintech Supervision
The BMA has hired Moad Fahmi as a Senior Advisor, Supervision [Financial Technology], with Mr. Fahmi set to be responsible for the supervision of digital asset businesses. A BMA spokesperson said, “As stated in the Bermuda Monetary Authority’s [BMA] 2018 Business Plan, the BMA is committed to meeting the evolving and complex financial needs... Read more of this article
Byrne Appointed Vice Chair of IAIS Task Force
The Bermuda Monetary Authority’s [BMA] Chief Enforcement Officer Garrett Byrne has been appointed Vice Chair of the International Association of Insurance Supervisors’ [IAIS] Financial Crime Task Force. The IAIS is a global standard setting body which promotes effective and globally consistent supervision of the insurance industry. Its Financial... Read more of this article
BMA Cancel Intrepidus Insurance Registration
The Bermuda Monetary Authority [BMA] has cancelled the insurance brokerage registration of Intrepidus Insurance Services, saying they are “taking this action to safeguard the interests of former, current and potential clients of the Company.” A spokesperson said, “The Bermuda Monetary Authority [the Authority] has cancelled the insurance... Read more of this article
BMA Licensing Specialists To Speak At BII Event
Specialists from the Bermuda Monetary Authority will speak at a lunch and learn session examining the Insurance Licensing and Advisory Committee [ILAC] registration requirements for all classes of insurance entities. Organised by the Bermuda Insurance Institute [BII] and sponsored by EY and Conyers Dill & Pearman, it is aimed primarily at insurance... Read more of this article
‘Regulation Of Financial Holding Companies’
The Bermuda Monetary Authority [BMA] has released a discussion paper on regulation of financial holding companies. “The purpose of this Discussion Paper [DP] is to elicit discussion on and receive feedback on the structure of a regime for the regulation of Financial Holding Companies [FHCs] in Bermuda,” the BMA said. ”Comments and... Read more of this article
BMA Highlights Bermuda Market At RIMS
Bermuda Monetary Authority [BMA] Chief Operating Officer Shanna Lespere is highlighting the Bermuda market at the 2018 Risk Management Society’s [RIMS] annual conference, currently underway in San Antonio. A spokesperson said, “2017 saw increased activity for Bermuda Monetary Authority [BMA or Authority] with an emphasis on developing global... Read more of this article
Regulation Of Virtual Currency Business Paper
The Bermuda Monetary Authority [BMA] released a 150-page consultation paper on the ‘regulation of virtual currency business’ with the paper’s stated objective to provide outline for the e”ffective regulation of service providers within the virtual currency business industry” in Bermuda. The paper notes, “Much of... Read more of this article
BMA: Increased Reinsurance Registrations
The Bermuda Monetary Authority [BMA] said they have “experienced a recent uptick in re/insurance registrations” with the BMA saying registrations for the first two months of 2018 included 11 re/insurers, which compares to five new re/insurers in the same period last year. “Registrations for the first two months of 2018 include 11... Read more of this article
BMA: Seventeen New Captives Register In 2017
Bermuda Monetary Authority [BMA] had a total of 739 active captive insurance licences on its register on 31st December 2017, with seventeen new captives registering in 2017, compared to 13 in 2016. BMA CEO Jeremy Cox said, “The majority of the new captives originated in the US but they also came from Europe, Canada, Australia and Latin America. Both... Read more of this article
