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Financial sanctions updates have been published by the BMA for Russia (including The Russia Sanctions Overseas Territories Amendment Order 2022); Bosnia and Herzegovina; Belarus; Iraq; ISIL Da-esh and Al-Qaida. |
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Class F, M and T application forms have been updated and added to the website. |
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Digital Asset Business (DAB) Operational Cyber Risk Management Code of Practice Consultation Papers |
Comments about the new draft, “Digital Asset Business Operational Cyber Risk Management Code of Practice”, along with revised “Digital Asset Business Custody Code of Practice” and “Digital Asset (Cybersecurity) Rules”, should be sent to the BMA digitally, via the survey link here or the QR code on the attached document by May 6, 2022. |
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Per the statements published by the FATF on March 4, 2022, identifying jurisdictions with strategic deficiencies in their AML/CFT regimes, Bermuda’s Minister of Legal Affairs and Constitutional Reform advised on April 13, 2022, that the regulated sector and relevant persons should consider the following: o Treating the Democratic People’s Republic of Korea (DPRK) and Iran as high risk, by applying counter measures and enhanced due diligence (EDD) measures for them (see Documents - Financial Action Task Force (FATF) (fatf-gafi.org) for further details) o Taking appropriate action to minimise the associated risks for the countries listed on FATF’s list of jurisdictions under increased monitoring as of March 2022, which may include using EDD measures in high risk situations (see Documents - Financial Action Task Force (FATF) (fatf-gafi.org) for further details) |
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The BMA is requesting that all Bermuda insurance groups and commercial insurers participate in the 2022 Sanctions Data Call to disclose their exposure to the events between the Russian Federation and Ukraine, as well as to provide details on the impact that these events have had on their assets and underwriting as of March 31, 2022. This must be submitted by May 31, 2022, via email to riskanalytics@bma.bm. |
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Compliance with International Sanctions and Subsequent Events Disclosure – Insurance |
The BMA would like to remind Limited Purpose Insurers, Intermediaries, Collateralised Insurers and Class IIGB Insurers to report details related to exposure to international sanctions on the “Schedule of Compliance with Suspicious Activity Reports and Sanctions” enclosed with the annual filing. The BMA also expects registrants to include any material impact on the financial statements resulting from the events involving the Russian Federation and Ukraine. |
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Annual Return for Insurance Managers and Intermediaries for 2022 |
The BMA has posted the annual return templates on its website. The annual return templates should be sent to insurancemanagers@bma.bm or insuranceintermediaries@bma.bm on or before the filing deadline of June 30, 2022.
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