Sep 2024
Welcome to the latest instalment of the Bermuda Regulatory & Risk Advisory Bulletin. In a constantly evolving regulatory environment, this bulletin serves as a platform for insightful commentary and expertise in regulatory compliance. The implementation of PIPA on 1 January 2025 and recently introduced measures have led to significant regulatory shifts, including enhanced supervisory powers by the regulators. Staying abreast of changes is crucial for businesses to effectively navigate and mitigate risks.
Throughout the year we’ll provide insights into key regulatory areas, focusing on specific aspects to provide in-depth analysis and guidance. In this edition Senior Associate Andrew Barnes explores PIPA’s introduction of individual’s personal information rights, while Senior Associate Sarah Lusher writes about the compliance considerations in Bermuda’s AML/ATF regime. Conyers Regulatory Services Manager Christian Stjarnqvist highlights the steps Bermuda Financial Institutions must take to ensure effective CRS compliance, including implementing governance frameworks, conducting regular reviews and responding to heightened enforcement measures. It’s our aim that these pieces will keep you aware of regulatory issues and assist your organisation to ensure compliance.
Stay tuned for our next edition of the Bermuda Regulatory & Risk Advisory Bulletin later this year. For any inquiries, please don’t hesitate to contact a member of our Regulatory & Risk Advisory team or your usual Conyers contact.
PIPA Update – The Brave New World of Individual Rights Requests
With the 1 January 2025 implementation date of the Personal Information Protection Act 2016 (“PIPA”) fast approaching, Bermuda based organisations, from small-businesses to multinationals, should be busy preparing for compliance. PIPA requires in scope organisations to adopt suitable measures and policies to give effect to their obligations and to individuals rights under PIPA. Conyers offers an array of services to support your organisation with its PIPA compliance, including establishing a PIPA compliant privacy programme, assisting with individual rights requests and Privacy Officer services. Read more
Read more for additional information about our privacy and data protection services.
Ongoing Compliance Considerations in Bermuda’s AML/ATF Regime
Continued compliance with Bermuda’s anti-money laundering (AML) and anti-terrorist financing (ATF) legislation, including regulations, policies and guidance notes issued by the Bermuda Monetary Authority (the “BMA” or the “Authority”) (collectively, “Bermuda’s AML/ATF Regime”) remains a hot topic for Bermuda regulated entities, especially those recently registered by the BMA under the newly amended Investment Business Act 2003 (the “IBA”). Read more
Why Bermuda Financial Institutions Must Ensure CRS Compliance
The Organisation for Economic Co-operation and Development (OECD) has urged participating tax authorities around the globe to take further steps to ensure compliance with the Common Reporting Standard (CRS). As a result, Financial Institutions have seen an increase in notices and other inquiries as tax authorities seek to enforce the CRS. As scrutiny increases on CRS compliance, Bermuda Financial Institutions must prepare and have a governance framework in place. Read more