Regulatory Alerts2024-01-01
Standard of Sound Practice on Fitness and Propriety (June 2024)
The Bank of Jamaica issued this Standard of Sound Practice to establish binding requirements for the fitness, propriety, and suitability of substantial shareholders, directors, officers, and key employees at regulated financial institutions. The document mandates that licensees implement robust due diligence processes to assess candidates against minimum criteria including competence, probity, and financial integrity, while also evaluating their suitability through time commitment and conflict of interest checks. It further outlines the Bank's supervisory approach and imposes strict legal obligations on institutions to ensure ongoing compliance, with penalties for failure to maintain fit and proper standards.
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