Bermuda is a sought after choice for many bankers across the world. It boasts a well-regulated financial sector and has an outstanding reputation for the offshore banking services it has on offer.
There is no central bank in Bermuda and the Bermuda Monetary Authority (BMA) is the integrated regulator of the financial services sector. Established under the Bermuda Monetary Authority Act 1969, the BMA supervises, regulates and inspects financial institutions operating in or from within the jurisdiction. It also issues Bermuda’s national currency; manages exchange control transactions; assists other authorities in Bermuda with the detection and prevention of financial crime; and advises the Government and public bodies on banking and other financial and monetary matters.
The Authority develops risk-based financial regulations that it applies to the licensing, regulation and supervision of Bermuda’s banks, trust companies, investment businesses and insurance companies. It also regulates the Bermuda Stock Exchange.