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Bermuda Monetary Authority |
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Bermuda
Monetary Authority
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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. |
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BMA also
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 supervision of Bermuda’s banks, trust companies,
investment businesses and insurance companies. It also regulates the Bermuda
Stock Exchange. Details of the Authority’s regulatory approach and of the
standards and requirements of its different regulatory regimes can be found
in the relevant sections of this website. In addition, as required by the
relevant financial services legislation, the Authority provides specific
reports on its activities to the Minister of Finance on an annual basis. In
carrying out its role, the Authority both follows and helps to set
international best practice. |
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Objectives of Bermuda Monetary Authority:
1. To issue and redeem notes and coins
2. To supervise, regulate and inspect any financial institution which
operates in and from within Bermuda
3. To promote the financial stability and soundness of financial institutions
4. To supervise, regulate or approve the issue of financial instruments by
financial institutions or by residents
5. To assist with the detection and prevention of financial crime
6. To foster close relations between financial institutions themselves and
between the financial institutions and the Government
7. To manage exchange control and regulate transactions in foreign currency
or gold on behalf of the Government
8. To advise and assist the Government and public bodies on banking and other
financial and monetary matters
9. To perform such functions as may be necessary to fulfill the said objects
Employees of the Bermuda Monetary
Authority shall at all times endeavor to direct their efforts towards the
achievement of the objectives of the Monetary Authority consistently.
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Bermuda Monetary Authority |
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HQ
Address: |
BMA House
43 Victoria Street
Hamilton
P.O. Box 2447
Hamilton HMJX
Bermuda |
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Telephone: |
+ (441)
295 5278 |
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Facsimile: |
+ (441)
292 7471 |
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Website: |
www.bma.bm |
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Swift Code: |
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Currency: |
Bermudian
Dollar |
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Banking Hours:
Mon - Fri 9.00am - 5.00pm |
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Like all other central banks in
the world, Bermuda Monetary Authority must be well managed
and pursue a goal-oriented approach, as consistent as possible with
international best practice. The Monetary Authority also responsible in
determined the Base Rate in Bermuda.
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