Hashtag: #BermudaMonetaryAuthority
Wine Investment Fund To Be Wound Up
The Bermuda Monetary Authority [BMA] has successfully petitioned the Supreme Court of Bermuda to wind up The Wine Investment Fund Limited [Fund] pursuant to Section 36[1][b] of the Investment Funds Act 2006 [IF Act] and the Companies Act 1981. A spokesperson said, “The Fund was authorised as a Standard Fund on 2 June 2008 by the Authority. On... Read more of this article
BMA Successful In British Steamship Petition
The Bermuda Monetary Authority [BMA] has successfully petitioned the Supreme Court to wind up British Steamship Protection and Indemnity Association [Bermuda] Limited. A spokesperson said, “The Bermuda Monetary Authority [BMA] has successfully petitioned the Supreme Court of Bermuda to wind up British Steamship Protection and Indemnity Association... Read more of this article
Cash App Gets BMA Digital Asset Licence
[Updated] Cash App — a multi-billion dollar tech company best known for its popular app that allows people in the UK and US to send and receive money, buy stocks and more — has been granted a Digital Asset Business Licence by the Bermuda Monetary Authority. The licence was recently listed on the BMA’s website, with the listing stating,... Read more of this article
Monetary Authority 2023 Business Plan Released
The Bermuda Monetary Authority [BMA] has released its 2023 Business Plan. A spokesperson said, “The document is a blueprint for the year ahead, detailing how the BMA will continue to deliver its mandate, the progress it plans to make on its multi-year phased initiatives and the projects it will launch to maintain agility and nimbleness in its... Read more of this article
BMA Staff Donate To Nursing Home Residents
A staff donation drive at the Bermuda Monetary Authority [BMA] has collected more than 350 items of clothing and supplies for the residents of six nursing homes across the island. A spokesperson said, “The donations will be distributed to residents with the greatest need and include a wide range of items, from toiletries, nightclothes and footwear... Read more of this article
Monetary Authority Releases 2021 Captive Report
The Bermuda Monetary Authority [BMA] released the 2021 BMA Captive Report, which highlights the “market results from the 2020 year-end statutory financial returns submitted through the E-SFR system with a focus on the general business captive insurers [i.e., Class 1, Class 2 and Class 3 insurers].” The BMA said, “The report focuses... Read more of this article
BMA Cancels Registration Of HBC Management
The Bermuda Monetary Authority [BMA] has “cancelled the registration of HBC Management Limited.” A spokesperson said, “The Company was registered as a non-licensed person [NLP] on 20 November 2019 under the provisions of Section 10 of the Proceeds of Crime [Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement]... Read more of this article
‘Important To Understand The Product & Its Risk’
Digital asset technology is growing in adoption, the level of risk associated will vary according to the use case and product design and it is “important for the public to understand the product and its risk before entering into any agreement,” the Bermuda Monetary Authority [BMA] said. A spokesperson said, “Digital asset technology... Read more of this article
BMA Launches ‘Deposit It Or Exchange It’
The Bermuda Monetary Authority [BMA] launches its campaign ‘Deposit It or Exchange It’ to remind the public that, from 31 December 2022, they will have one year to deposit or exchange the horizontal Bermuda Dollars legacy banknotes. A spokesperson said, “Effective 1 January 2024, these notes will be retired and no longer have value as legal tender. “Removing... Read more of this article
BMA Participates In Community Day Clean-Up
The Bermuda Monetary Authority [BMA] participated in its first Annual Community Day event on Thursday [Oct 6] spending the day cleaning up various parts of the island in support of Keep Bermuda Beautiful [KBB]. Craig Swan, the Authority’s Chief Executive Officer, stated, “The BMA’s first Annual Community Day was a success, attracting over 150... Read more of this article
CoinZoom Global Gets License From BMA
CoinZoom announced its Bermuda based subsidiary CoinZoom Global, Ltd. has been granted a license under the Digital Asset Business Act [DABA] from the Bermuda Monetary Authority [BMA]. A spokesperson said, “CoinZoom, a U.S. based cryptocurrency exchange and leading fintech company announced its Bermuda based subsidiary CoinZoom Global, Ltd. has been... Read more of this article
Amendment To Expand BMA’s Mandate
Bermuda’s Governor has provided assent to a bill to amend the Bermuda Monetary Authority Act 1969 [BMA Act] “by adding a principal object to cover matters related to the conduct of business by financial institutions.” A spokesperson said, “The BMA Act is the statute that established the Bermuda Monetary Authority [Authority or BMA] and... Read more of this article
BMA Issue Warning About Renfrew Capital
The Bermuda Monetary Authority issued a “Public Warning regarding Renfrew Capital Management.” A spokesperson said, “Renfrew is operating a website at renfrewcapitalmgmt.co which appears to offer investment services from Bermuda and Ireland. Renfrew has not been issued any licences by the Authority, which would be required in order to... Read more of this article
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
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
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
