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The Bermuda Monetary Authority (the Authority) employs a risk-based approach to the regulation and supervision of banks and deposit companies in Bermuda. The regulatory and supervisory framework is underpinned by principal legislation, The Banks and Deposit Companies Act 1999, which is regularly supplemented with updated statements of principles, policy and guidance.

As a leading risk-based regulator, the Authority conducts supervision in accordance with the standards established by the Basel Committee on Banking Supervision (the BCBS), in particular the BCBS ‘Core Principles for Effective Banking Supervision’ and the range of BCBS documents regarding supervision of cross-border banking. The Authority liaises closely with other supervisory bodies, both domestically and internationally, in order to ensure an effective consolidated supervision, both in relation to entities for which the Authority acts as the “home supervisor” and the “host supervisor”. The Authority’s supervision involves regular on-site inspections and off-site surveillance of licensed financial institutions, which includes reviews of monthly, quarterly and annual regulatory submissions, and regular prudential meetings with senior management.

The Authority assesses licensed financial institutions using a risk-based approach; hence any institution that is deemed to have high or increasing risks can expect to be subject to enhanced onsite and offsite supervision by the Authority.

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