Regulatory Alerts2017-01-01
Guidance Notes on the Prevention of Money Laundering and Countering the Financing of Terrorism, Proliferation and Managing Related Risks
The Bank of Jamaica issued these finalized guidance notes to establish minimum standards and regulatory expectations for financial institutions regarding anti-money laundering and counter-terrorist financing compliance. The document mandates a risk-based approach to policies, expands on customer due diligence and know-your-customer requirements, and outlines specific obligations for high-risk scenarios and emerging issues like virtual currencies. Non-compliance with these mandatory obligations can trigger criminal and regulatory sanctions, including fines, imprisonment, license suspension, or revocation under the Banking Services Act and Bank of Jamaica Act.
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