Financial Crime World

Title: Bermuda Monetary Authority’s New Compliance Regulations for Bermuda Banks 🚀

The Bermuda Monetary Authority (BMA) has recently announced new regulations to strengthen the supervision of banks and deposit companies in Bermuda. Below are some significant changes made to the BMA’s Policy and Guidance Framework.

Basel III for Local Banks 🏦

  • The final rules were published on 15 January 2018, but the Framework now includes comprehensive guidance notes to help financial institutions comply with the new standards.
  • The introduction of Basel III is aimed at ensuring that Bermuda banks maintain robust capital positions and resilience against financial risks.

Operational Cyber Risk Management 🔒

  • A code of conduct for all banks and deposit companies to follow to manage operational cyber risks effectively.
  • This release comes in response to growing concerns over cybercrime and data breaches, and will be implemented alongside the Bermuda Banking Association’s existing code of ethical conduct.

Recent Updates and Guidance 📝

  • In recent years, the BMA has introduced new guidelines on subjects such as deposit-taking licences, outsourcing, troubled debt restructuring, and the measurement of liquidity.

Deposit-taking Licence Applicants 📋

  • Banks and deposit companies interested in applying for a deposit-taking licence in Bermuda can find the latest information and guidance notes through the BMA’s Policy & Guidance section on their website.

Stress Testing and Annual Capital Assessment Reports 📊

  • Annual updates on stress testing and capital assessment reports for Bermuda’s banking sector are accessible through the BMA’s Policy & Guidance section.

BMA’s Commitment to Effective Regulation 🌐

“Our objective is to provide clear and effective regulatory guidance to support a well-governed financial sector that is efficient, competitive, and safe.”

Bermuda Monetary Authority

The BMA continues to update its guidance regularly and reaffirms its commitment to ensuring that Bermuda’s financial sector remains one of the most stable and resilient in the world.