Regulatory Alerts2023-01-01
Guidelines on Establishment of Internal Controls by Service Providers
The Financial Services Commission of Jamaica issued these guidelines under the Trust and Corporate Services Providers Act, 2017, to mandate that licensed service providers establish adequate internal controls. The document requires licensees to implement risk-based policies, procedures, and systems to identify, assess, and manage business risks while maintaining accountability and regular review by senior management. Non-compliance with these standards constitutes an offence, and providers remain fully responsible for outsourced functions, necessitating rigorous monitoring and assurance of third-party controls.
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