Bermuda: Suptech and regtech supporting the risk-based approach

Monika Adams

Contents

Foreword

Preface

Preface

Introduction: Suptech/regtech defined: Payments, sandboxes and beyond

1.

The uncertain prudential treatment of cryptoassets

2.

US regulatory certainty versus uncertainty for crypto and blockchain

3.

Bermuda: Suptech and regtech supporting the risk-based approach

4.

Suptech: A new era of supervisory philosophy

5.

Cloud computing in the financial sector: A global perspective

6.

DeFi protocol risks: The paradox of cryptofinance

7.

IT transformation in the Prudential Authority of South Africa: A case study

8.

Making the vision a reality: Perspectives from the Monetary Authority of Singapore

9.

Lessons from Hong Kong through the lens of the HKMA

10.

Technological change: Is it different this time?

11.

The ECB’s suptech innovation house: Paving the way for digital transformation of banking supervision

12.

China’s financing opening up and regulatory convergence with the world

13.

Disclosures and market discipline: The promise of regtech

14.

Regtech and new derivatives developments

15.

Fintech and regtech: Leading the evolution and regulation of alternative investments

16.

The role of artificial intelligence and big data in investment management

17.

The promise and challenges of machine learning in finance

18.

Data privacy and alternative data

19.

Digital ID and financial inclusion

20.

Strategic technology: Regulation and innovation of CBDCs

21.

Regulatory sandboxes: Innovation and financial inclusion

22.

Technology and sandbox development innovation in a transitional market: A case study

23.

Developing the regulatory ecosystem: The evolution of stablecoin

24.

Central bank digital currency, regtech and suptech

25.

Digital dollar: Cryptocurrency for everyday commerce

26.

CFTC regtech implications for virtual currency trading

27.

Fintech, regtech, suptech and central bank decision making

This chapter will provide a basic description of the function and role that supervisory technology (suptech) and regulatory technology (regtech) have played in helping Bermuda achieve global leadership in the fight against financial crime. For clarity, this chapter will define suptech as representing the use of technology by supervisory bodies to enhance the lifecycle of data analysis to better inform their role in supervision, while regtech represents the use of technology by organisations to enhance their organisation’s lifecycle of data analysis and data submissions to meet their regulatory obligations to the jurisdiction or global standards.

Although there may be a variation in their definitions, the aim is the same: to enhance the abilities in the lifecycle of data analysis. In this instance, it is the lifecycle of data analysis for a risk-based approach in preventing the abuse of our financial systems for money laundering and terrorist financing (ML/TF).

The chapter is divided into five sections, commencing with a discussion of the key concepts in the move to digitalisation. The chapter then assesses the story of Bermuda and how it has evolved to use suptech and

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: