Bermuda Monetary Authority’s Post

Our mission is to assist in Bermuda’s financial stability, safeguard financial services customers and secure our national currency. We have a team of dedicated experts who drive this mission by implementing frameworks that optimise our supervisory regulations and regimes. This creates opportunities to foster innovation both locally and globally. Learn more about our regulatory regime and risk-based frameworks by visiting our website today. Click here to learn more:  https://lnkd.in/eSNKUVtR #FinancialStability #FinancialServices #currency #BMAMission #BMAVision #Frameworks #Regulation #Supervision

🌐The Wolfsberg Group🤝 ▪︎ The Wolfsberg Group is an association of 12 global banks establised in 2000 at Wolfsberg Castle, Switzerland. ▪︎ Earlier there were 13 banks but recently, Credit Suisse was acquired by UBS. The 12 member banks are: > Citi > HSBC > Deutsche Bank > JPMorgan Chase & Co. > UBS > Barclays > Standard Chartered Bank > Goldman Sachs > Bank of America > Santander > MUFG > Societe Generale ▪︎ It aims to develop: 1. Financial services industry standards 2. Guidance related to KYC 3. AML/CFT policies ● The Wolfsberg Group, has no enforcement powers but issue guidelines to manage its members' own risks. ● The 3 main principles & Statements are: 1️⃣ Wolfsberg AML Principles: Private Banking 2️⃣ Wolfsberg AML Principles: Correspondent Banking 3️⃣ Wolfsberg Statement: The Suppression of the Financing of Terrorism There are many other publications related to various topics like RBA, PEP, De-Risking, Beneficial Ownership, etc. Please read all the publications of Wolfsberg Group through below link: https://lnkd.in/dZfuMt7Y #AML #CFT #KYC #Sanctions #Riskmanagement #CDD

12.06.24 #MFSA #Consultation Document on #FinancialInstitutions’ #PrudentialRequirements  A welcome step in the right direction. FIs need to be given much more relevance and space, given the volumes churned every day. #Data collation and #Reporting are essential and it cannot be presumed that all FIs are on the same page on this. Raising the bar is not only good, it is essential and very much encouraged. Empowering Internal Controls and attributing more accountability to Board members is crucial, also to weed out those entities that could be a threat to the sector and to the Maltese and EU #FinServ #FinTech industry at large.

Keeping up to date with regulation is a significant challenge. Great work by the #techpolicyatlas team led by Johanna Weaver at #techpolicydesigncentre. Another major initiative is RegulationCity where you can find every financial services regulation from #ASIC, #APRA, #ACCC, #RBA, #AOIC and #Austrac in a single place. Watch the video here: https://lnkd.in/geGYf4x2. #regtech #legaltech #fintech #digitalisation #digitalization #compliance #digitaldocuments

Ensuring compliance with financial regulations is paramount in today's complex economic landscape. Financial promotions checking serves as a crucial mechanism to uphold transparency, protect consumers, and maintain market integrity. Through meticulous scrutiny, professionals evaluate promotional materials to ensure they accurately represent financial products and services, adhere to regulatory guidelines, and mitigate potential risks. This process involves assessing the clarity of information, verifying the accuracy of claims, and confirming compliance with legal requirements. By conducting thorough checks, financial institutions and regulatory bodies can mitigate the spread of misleading or deceptive promotions, safeguarding the interests of both investors and the broader financial ecosystem. Effective promotion checking not only fosters trust and confidence among consumers but also reinforces the stability and credibility of the financial industry as a whole. #regtech #compliance #financialservices #ifas #mortgagebrokers #protection #fintech

If you own an LLC/Partnership/Corporation, you need to know about a new reporting requirement coming January 1, 2024. As part of the 2021 Corporate Transparency Act, many businesses will be required to provide the Financial Crimes Enforcement Network (FinCEN) with their beneficial ownership information (BOI). For Reporting Companies currently in existence, BOI will need to be provided to FinCEN prior to January 1, 2025. For Reporting Companies that are formed or registered on or after January 1, 2024, reporting is required within 30 days of the acceptance of the company’s formation or registration filing. If you own an LLC/Partnership/Corporation, you’ll want to stay on top of this new regulation to avoid the $500-per-day fine. See the below article to learn more. #FinCEN #BOI #SmallBusiness https://www.fincen.gov/boi

FinTech Global FS Regulatory Round-Up - w/e 2 February 2024 - Lexology: In this regular post, we round-up FinTech-related financial services regulatory developments for the week ending 2 February 2024.

Uncover the world of non-bank financial entities operating in the shadows. 💼💸 Understand the risks, explore examples, and follow the evolving regulatory landscape. Shedding light on finance’s intriguing shadows. #Finmate #FinancialInsight #Regulation #FinanceWorld #ShadowBanking

FinTech Global FS Regulatory Round-Up - w/e 15 March 2024 - Lexology: In this regular post, we round-up FinTech-related financial services regulatory developments for the week ending 15 March 2024.

FinTech Global FS Regulatory Round-up - w/e 18 August 2023 - Lexology: In this weekly post, we round-up FinTech-related financial services regulatory developments for the week ending 18 August 2023. ICYMI Biden…