Bermuda Monetary Authority (BMA)
Regulates Bermuda’s banking, insurance, and investment industries.
Tags:Forex RegulationBasic Information
The Bermuda Monetary Authority (BMA) is the integrated regulatory body overseeing Bermuda’s financial services sector. Established in 1969 under the Bermuda Monetary Authority Act, it operates as the jurisdiction’s financial supervisor but is not a central bank and does not act as a lender of last resort. The BMA is headquartered in Hamilton, Bermuda, and its current Chairman is Donald Scott. The Authority issues the Bermudian dollar (BMD), regulates financial institutions, and ensures compliance with anti-financial crime measures.
Historical Background
The BMA was founded on February 20, 1969, to formalize financial oversight in Bermuda. Initially focused on currency issuance and exchange controls, its mandate expanded over decades to encompass comprehensive regulation of banking, insurance, trusts, and investment sectors. Bermuda’s status as a global reinsurance hub further solidified the BMA’s role in developing risk-based frameworks aligned with international standards like Solvency II and IAIS Insurance Core Principles.
Legal Authority and Regulatory Framework
The BMA derives its authority from the Bermuda Monetary Authority Act 1969 and subsequent amendments. Its regulatory framework emphasizes proportionality and risk sensitivity, covering entities such as banks, insurers, trust companies, and investment funds. The Authority enforces compliance with anti-money laundering (AML) protocols, solvency requirements, and governance standards. It also collaborates with global regulators to ensure cross-border supervision efficacy.
Core Responsibilities and Regulatory Scope
The BMA’s primary functions include:
1. **Supervision**: Conducting inspections and enforcing regulations for financial institutions, including insurers, banks, and investment firms.
2. **Currency Management**: Issuing and managing the Bermudian dollar and exchange controls.
3. **Financial Crime Prevention**: Assisting local and international authorities in detecting illicit activities.
4. **Policy Advisory**: Advising the Bermuda government on monetary and financial matters.
5. **Market Oversight**: Regulating the Bermuda Stock Exchange and licensing financial entities.
The BMA is particularly noted for its rigorous oversight of asset-intensive reinsurance (AIR) transactions and its proactive adaptation to emerging risks.
Contact Information
**Address**: BMA House, 43 Victoria Street, Hamilton HM 12, Bermuda
**Phone**: +1 (441) 295-5278
**Email**: [email protected] (general inquiries), [email protected] (Information Officer)
**Website**: https://bma.bm
Verifying Entity Registration
To confirm if an entity is regulated by the BMA:
1. Visit the BMA’s official website (https://bma.bm) and navigate to the “Regulated Entities” section.
2. Use the search tool to look up the entity by name or registration number.
3. Cross-check details with the BMA’s public registers for banks, insurers, or investment firms.
4. For direct verification, contact the BMA via email or phone with the entity’s legal name and registration details.
