These updates include:
- BMA Financial Sanctions Updates:
- Include sanctions updates for ISIL Da'esh and Al-Qaida; South Sudan; Human Rights; Libya; Venezuela; and Myanmar
- BMA Goals for 2022 (BMA Business Plan)
- Investment Funds & Investment Business:
- Complete the introduction of an enhanced investment business framework
- Review and expand the Enforcement Powers set out in the Investment Funds Act 2006
- Updated Investment Business Act 2003 to come into force in early 2022
- Digital Asset Business
- Implement frameworks
- Publish new guidance notes in the areas of risk management and net assets
- Establish a sandbox express programme for the BMA’s existing registrant base
- Evaluate the feasibility of running a pilot programme with a registrant to collect data through an Application-Programming-Interface
- Complete the first sectoral risk assessment of the digital asset business sector
- Consult on the Codes for the Digital Asset Business sector and the framework for the Investment sector (in the latter part of 2022)
- Corporate Service Providers:
- Consult on proposed enhancements to the corporate service provider regulatory frameworks
- Review recommendations to further enhance compliance with the Group of International Financial Centre Supervisors (GIFCS) principles
- Issue an updated guide for making submissions to the INTEGRA® system
- The BMA and the National Anti-Money Laundering Committee (NAMLC):
- Present Bermuda’s follow-up report to the Caribbean Financial Action Task Force (CFATF) Plenary in May 2022
- Support the publication and communication of the 2020 Money Laundering National Risk Assessment (NRA)
- BMA Fees:
Click here for the full list of fees for 2022
