Regulatory Alerts2020-01-01
Standard of Sound Practice on Fit and Proper Assessments
The Bank of Jamaica issued this Standard of Sound Practice to establish minimum expectations for assessing the fitness and propriety of substantial shareholders, directors, officers, and key employees in deposit-taking institutions. The document mandates that licensees implement rigorous due diligence processes to evaluate candidates against three core criteria: probity, financial soundness, and competence. It further details the supervisory approach, assessment frequency, required documentation, and enforcement mechanisms to ensure ongoing compliance with the Banking Services Act, 2014.
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