10 July 2018News

BMA’s Byrne joins IAIS financial crimes task force

The Bermuda Monetary Authority’s (BMA) chief enforcement officer Garrett Byrne has been appointed vice chair of the International Association of Insurance Supervisors’ (IAIS) Financial Crime Task Force (FCTF).

The IAIS is a global standard setting body which promotes effective and globally consistent supervision of the insurance industry. The FCTF is comprised of representatives with experience in policy and/or supervisory measures to combat financial crime from the likes of the US, Brazil, Canada, France, Germany, Switzerland and Singapore. The group meets four times a year and convened for the first time in Bermuda in March 2018.

“Serving on the IAIS’ Financial Crime Task Force is of critical importance for the BMA and Bermuda at a time when companies’ cybersecurity measures, and the efforts of countries to combat money laundering and terrorist financing, are increasingly under review,” said Byrne. “The Task Force’s current focus is to monitor cyber-crime initiatives within the financial sector and developments in combatting terrorist financing.”

The announcement follows the appointments of Craig Swan, managing director, supervision (Insurance) and Marcelo Ramella, deputy director, financial stability in January this year as co-vice chairs of the IAIS’ Policy Development Committee and the Macroprudential Committee, respectively. Bermuda was a founding member of the IAIS in 1994. At present, its membership includes insurance regulators and supervisors from more than 200 jurisdictions in nearly 140 countries




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More on this story

News
28 August 2018   The Bermuda Monetary Authority (BMA) has hired Moad Fahmi, as senior advisor, supervision (financial technology), adding that he will be responsible for the supervision of digital asset businesses under the Digital Asset Business Act 2018.
News
21 September 2018   The Bermuda Monetary Authority (BMA) has published a paper on how it developed a framework for identifying, assessing and understanding money laundering (ML) and terrorism financing (TF) risks within Bermuda’s insurance sector.
News
21 December 2018   The Bermuda Monetary Authority has issued a new report looking at the state of cybersecurity in the market at the moment.