Bermuda Monetary Authority invites feedback on AI in finance discussion paper
29 Aug 2025
|
On 30 July 2025, the Bermuda Monetary Authority (BMA) published a discussion paper on the responsible use of Artificial Intelligence (AI) in Bermuda's financial services sector. The paper outlines the transformative potential of AI while emphasising the need for strong governance to mitigate risks. Key proposals include:
- Governance & accountability: Boards of financial institutions will hold ultimate responsibility for AI oversight, ensuring systems align with regulatory and ethical standards.
- Risk management: A framework is proposed to assess AI risks across dimensions like impact, autonomy and data sensitivity, with proportional oversight based on risk levels.
- Transparency & fairness: Institutions must ensure AI systems are explainable, fair and free from bias, with tailored disclosures for stakeholders.
- Global alignment: The BMA draws on international regulatory principles to balance innovation with safeguards, ensuring Bermuda remains a trusted financial hub.
Industry input is sought to refine the framework, with a consultation deadline of 30 September 2025.
BMA’s consultation paper can be found here
+-