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ARTICLE · 14 SEPTEMBER 2026

Navigating BMA’s Proposed AI Guidance Note

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The Bermuda Monetary Authority has released a consultation paper on artificial intelligence regulation in financial services, proposing a risk-based framework that extends existing regulatory requirements rather than creating new licensing regimes. Financial institutions now face critical decisions about how to classify AI use cases, implement governance controls, and prepare for heightened scrutiny of generative and agentic AI systems before the October 30 feedback deadline.

BermudaFinance and Banking
Jerome Wilson
Jerome Wilson
Karim Creary
Karim Creary
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Now that the Bermuda Monetary Authority has shifted its focus from general principles about artificial intelligence to a concrete, actionable regulatory framework, board and executive teams of financial service companies must take note and decide whether to become involved in the consultative process.

After the release of a discussion paper just over a year ago, the BMA has now taken a decisive step in regulating AI with August’s release of a consultation paper entitled “The responsible use of artificial intelligence in financial services in Bermuda”.

The new release includes a draft guidance note regarding how the BMA will analyse financial institutions’ use of AI. This consultation paper and the draft guidance note within is open for feedback until October 30.

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