Regulatory Alerts2014-01-01
Banking Services Act, 2014
The Parliament of Jamaica enacted the Banking Services Act, 2014 to repeal and replace previous banking legislation and establish a comprehensive regulatory framework for deposit-taking institutions. The Act mandates licensing for banks, merchant banks, building societies, and financial holding companies while imposing strict requirements on capital, liquidity, governance, and counterparty exposure. It further empowers the Supervisor to conduct examinations, enforce compliance through penalties and corrective actions, and regulate shareholding structures to ensure the stability of the financial system.
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