The Bermuda Monetary Authority (the Authority or BMA) regulates Bermuda's financial services sector. The Authority was established by statute in 1969. Its role has evolved over the years to meet changing needs in the financial services sector. Today it supervises, regulates and inspects financial institutions operating in the jurisdiction. It also issues Bermuda’s national currency, manages exchange control transactions, assists other authorities with the detection and prevention of financial crime, and advises Government on banking and other financial and monetary matters. The Authority develops risk-based financial regulations that it applies to the supervision of Bermuda’s banks, trust companies, investment businesses, investment funds, fund administrators, money service businesses, corporate service providers and insurance companies. It also regulates the Bermuda Stock Exchange.
The BEAC has the following missions: 1. define and conduct CEMAC monetary policy; 2. issue fiduciary money (banknotes and coins that are legal tender and legal tender in CEMAC); 3. conduct the CEMAC exchange policy; 4. hold and manage the official foreign exchange reserves of member states; 5. promote the proper functioning of payment and settlement systems; 6. promote financial stability.
The fundamental missions of the Central Bank are as follows : 1. To define and implement monetary policy within WAMU, 2. To ensure the stability of the banking and financial system of WAMU, 3. To promote the proper functioning and ensure the monitoring and security of payment systems in WAMU, 4. To implement WAMU’s exchange rate policy according to the terms established by the Council of Ministers, 5. To manage the official foreign exchange reserves of the WAMU member States.
The Bank of Uganda (BoU) is the Central Bank of the Republic of Uganda. It was opened on August 15, 1966. It is 100% owned by the Government of Uganda but it is not a government Department. Bank of Uganda conducts all its activities in close association with the Ministry of Finance, Planning and Economic Development(MoFPED). Bank of Uganda is responsible for the formulation and implementation of monetary policy as well as regulating & supervising financial institutions.