The Bermuda Monetary Authority (BMA) has formally added Custody Life Bermuda Ltd to its list of entities that are not licensed or regulated by the Authority after the company was found to be misrepresenting its status on a public website. The BMA’s warning, released Thursday, states that the firm’s claims of a BMA license are false and that the company has not been authorised to operate in Bermuda.

The BMA’s spokesperson explained that the regulator is monitoring the company’s online presence and has issued a public notice to inform residents and investors that Custody Life Bermuda does not hold any regulatory approval. The warning is part of the BMA’s broader effort to maintain confidence in Bermuda’s financial services sector, which is a key pillar of the island’s economy.

Financial professionals and private investors are advised to conduct due diligence before engaging with Custody Life Bermuda or any other unverified financial service provider. The BMA has reminded that transactions with unlicensed entities carry risks, including lack of protection under Bermuda’s regulatory framework and potential loss of funds.

The BMA will continue to review any further activity by Custody Life Bermuda and may take enforcement action if the company continues to operate without proper licensing.