Bermuda: Assessment of the Supervision and Regulation of the Financial Sector—Volume II—Detailed Assessment of Observance of Standards and Codes

March 15, 2005

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Format: Chicago

Bermuda: Assessment of the Supervision and Regulation of the Financial Sector—Volume II—Detailed Assessment of Observance of Standards and Codes, (USA: International Monetary Fund, 2005) accessed December 22, 2024

Summary

This paper presents key findings of the Detailed Assessment of the Observance of Standards and Codes in the Financial Sector of Bermuda. The small number of licensed deposit-taking institutions in Bermuda are part of the broader financial intermediation sector. Typically, some 50 percent to 60 percent of the banks’ income is fee based. The value of client assets and the volume of their activities are the main generators of this income. Efforts to reduce employee and occupancy costs that reflect the high cost of doing business on the island are continuing.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Crime, Financial institutions, Insurance, Insurance companies, Legal support in revenue administration, Post-clearance customs audit, Revenue administration

Keywords: Accounting firm, Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking group, Business plan, CR, Credit union, Financial condition, Guidance note, Insider trading, Insurance, Insurance companies, Investment funds, ISCR, Legal support in revenue administration, North America, Parent company, Post-clearance customs audit, Senior management, Western Europe

Publication Details

Pages:

149
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2005/099
Stock No:

1BMUEA2005002
ISBN:

9781451805604
ISSN:

1934-7685

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