Regulatory Alerts2019-01-01
Proceeds of Crime (Money Laundering Prevention) (Amendment) Regulations, 2019
The Minister of Jamaica issued these regulations to amend the Proceeds of Crime (Money Laundering Prevention) Regulations, 2007, by defining key terms such as control and ultimate beneficial owner. The amendments impose stricter reporting requirements on financial institutions, lower the cash transaction reporting threshold to one million dollars, and mandate enhanced due diligence for high-risk relationships while permitting simplified procedures for low-risk ones under specific conditions. Furthermore, the regulations update wire transfer verification rules, increase penalties for non-compliance, and introduce enhanced counter-measures for transactions involving specified high-risk territories.
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