Notice - Consultation Paper - The Responsible Use of Artificial Intelligence in Financial Services (2026-08-14)

Summary

This is a BMA notice announcing a Consultation Paper on a proposed Guidance Note addressing the responsible use of artificial intelligence (AI) in Bermuda's regulated financial services sector. It does not create new rules itself but seeks industry feedback on draft guidance explaining how existing regulatory obligations apply to AI development, deployment and use.

• Approach: The proposed Guidance Note is principles-based and proportionate, applying existing obligations to AI use rather than creating a new AI-specific licensing regime.
• Key areas covered: Governance, risk management, data oversight, transparency, cyber security and operational resilience.
• Purpose: Helps firms understand how current regulatory requirements apply when developing, deploying or using AI, while supporting innovation and maintaining safeguards.
• Consultation: BMA invites feedback from regulated entities and other stakeholders on the draft Guidance Note.

No new binding requirements are imposed by this notice; it is a call for comments on proposed guidance. Firms wishing to respond must submit comments to policy@bma.bm by 30 October 2026.

Key obligations

• Stakeholders wishing to comment must submit feedback on the Consultation Paper to policy@bma.bm by 30 October 2026.

Applies to

regulated financial services entities, other stakeholders in Bermuda's financial services sector

Deadlines

• 30 October 2026: Deadline for submitting comments on the Consultation Paper to policy@bma.bm