08/25/2023
BMA levies $900,000 fine on Acadia Life
The authority has taken the nature of the breaches into consideration in determining the appropriate level of the civil penalties to be imposed for each contravention.
Regulation, Risk & Compliance
08/25/2023
Amendments to legislation administered by the Guernsey Registry
The amendments should also achieve operational efficiencies for the Registry benefitting those using its services.
08/25/2023
AML update: consultation on amendments to the AML/CFT/CPF Handbook
In this update, we set out the JFSC's proposals to add new and expanded guidance notes across the Handbook and to add a new code of practice in respect of politically exposed persons.
08/25/2023
PTC update: clarification of application of NPTO
These developments provide welcome clarification in respect of the application of the "as a business" test to PTCs, and other corporate bodies, acting as a trustee of an express trust.
08/25/2023
Franklin a potential threat to Bermuda
It has been classed as a potential threat to Bermuda.
08/25/2023
Amendments to the Proceeds of Crime (Duties of Non-Professional Trustees) (Jersey) Order 2016
The JFSC exercises its powers reasonably and proportionately and looks at any breaches of our requirements on a case-by-case basis.
08/24/2023
Bank of Saint Lucia chooses Clearwater for its new fund
Bank of Saint Lucia has selected Clearwater Analytics and Clearwater JUMP to power its new mutual fund.
08/23/2023
CIMA signs oversight & regulatory oversight MOU
The MOU calls for the sharing of information to enable the enforcement of laws, regulations, policies and professional standards relating to approved audit firms.
08/23/2023
Drop in alerts about potential financial crimes
The unit responsible for tackling financial crime has confirmed a drop in the number of Suspicious Activity Reports
08/23/2023
BoJ developing protocols to handle faulty bank notes
That gave rise to significant public debate concerning whether this was a wider problem.
08/23/2023
IMF: Bahamians need more protection from bank failure
It also identified the Bahamian cooperatives sector as an area of “some distress” and financial weakness.
08/23/2023
Government signs deal for plan to aid in renewable energy integration
CCREEE, which was established in 2018, helps member states navigate their energy transition.
08/23/2023
Central Bank advancing financial crisis ‘playbook’
The Financial Stability Council’s membership will be comprised of financial services regulators
08/22/2023
Zane DeSilva money-laundering charges dropped
Anthony Blakey’s Savvy Entertainment borrowed the funds from the Government five years ago to open a recording studio in Bermuda.
08/22/2023
Jersey’s Privacy Force shortlisted for International Privacy Award
The Global Privacy Assembly has been at the forefront of global data protection and privacy leadership for more than four decades and connects data protection and privacy authorities, worldwide.
08/21/2023
Expert: giant holes found in company cybersecurity defences
The largest data breach of 2023 so far was Twitter, leading to 220 million breached records.
08/21/2023
Introduction of mandatory Energy Performance Certificates in Jersey
The Government has since issued a progress report in July 2023 on the implementation of the Carbon Neutral Roadmap.
08/21/2023
All change in the Eastern Caribbean as new CPR comes into force
As a result of the amendments, the CPR has undergone some significant changes
08/21/2023
BMA steps in over Vesttoo
Meanwhile, a new AM Best commentary says the Vesttoo saga highlights the importance of managing counterparty risk.
08/21/2023
BMA and White Rock join forces on Vesttoo
By then, the Bermuda Monetary Authority had already successfully caused Vesttoo’s Bermuda subsidiary, Vesttoo Alpha P&C, to be put into liquidation.