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Bermuda Compliance and Regulatory Updates – June 2022

07 July 2022

We have compiled a list of the latest compliance and regulatory updates that were announced or took effect that affected Bermuda in June 2022.

June 2022 - Compliance and Regulatory Updates

BMA - Financial Sanctions Updates

Financial sanctions updates have been published by the BMA for Russia, Iran (including (Human Rights sanctions), Syria, Counter-Terrorism International, Chemical Weapons, Myanmar, Libya, ISIL (Da’esh) and Al-Qaida

BMA – Response to Comments on the Consultation Paper: Insurance Amendment Act 2022

Any stakeholder who needs further clarification or additional information on any issue should contact the Authority directly at policy@bma.bm

Consultation Paper – Proposed Introduction of Recovery Planning Regime for the Insurance Sector

The Authority is proposing to introduce a recovery planning framework for the Bermuda insurance sector (it will amend section 6A (1) of the Insurance Act 1978 to add the power to make rules for recovery planning).

The views of the insurance industry and of other interested persons on the proposals set out in this CP are invited. Comments should be sent to FSRD@bma.bm no later than Friday, 29 July 2022.

FATF Updated List of Jurisdictions under Increased Monitoring and Information from the FATF Plenary in June 2022

The FATF’s Jurisdictions under Increased Monitoring list was amended in June 2022, see: https://www.fatf-gafi.org/publications/high-risk-and-other-monitored-jurisdictions/documents/increased-monitoring-june-2022.html

A summary of the outcomes from the FATF Plenary (14-17 June 2022) can be found at https://www.fatf-gafi.org/publications/fatfgeneral/documents/outcomes-fatf-plenary-june-2022  

For further details on US Dept. of Treasury sanctions and country information, see: https://home.treasury.gov/policy-issues/financial-sanctions/sanctions-programs-and-country-information




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