International Business

BMA’s Byrne named to top IAIS committee role

  • IAIS appointment: Garrett Byrne, the BMA's chief enforcement officer

Garrett Byrne, the Bermuda Monetary Authority ’s chief enforcement officer, has been appointed vice-chairman of the International Association of Insurance Supervisors’ Financial Crime Task Force.

The IAIS is a global standard-setting body which promotes effective and globally consistent supervision of the insurance industry.

Its Financial Crime Task Force 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.

Mr Byrne said: “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. “The task force’s current focus is to monitor cybercrime initiatives within the financial sector and developments in combating terrorist financing.”

This follows the appointments of Craig Swan, managing director, supervision (insurance) and Marcelo Ramella, deputy director, financial stability in January this year as co-vice chairmen of the IAIS Policy Development Committee and the Macroprudential Committee, respectively.

Bermuda was a founding member of the IAIS in 1994. Today, its membership includes insurance regulators and supervisors from more than 200 jurisdictions in nearly 140 countries.