Bank of Jamaica Regulatory Service Level Standards Performance Report 2024

0BM25(251022)10 January

• December 2024 BM25(251022)11

Bank of Jamaica Regulatory Service Level Standards Performance Report 2024 Page | 1 BM25(251022)10 EXECUTIVE SUMMARY This document sets out Bank of Jamaica’s performance with regard to compliance with Service Level Standards for the cambio and remittance companies (Money Service Businesses - MSBs), FinTech Sandbox applicants and deposit-taking institutions (DTIs). The reporting period for the MSBs and FinTech standards, as well as the DTI standards, is January to December 2024. The Bank of Jamaica sets performance targets against 33 Service Level Standards. Of these, seven (7) were not tracked during the year under review. The Service Level Standards that were not tracked during the reporting period are shown as N/A in the report. • In 2024, 26 standards were applicable, and 18 met the target compliance rate of ≥80%. Bank of Jamaica remains committed to providing clear, open and transparent Supervisory processes, with continuous rigorous assessment to ensure compliance with these regulatory standards. We welcome your feedback on this publication. Kindly provide your feedback to BOJSERVICESTANDARDS@boj.org.jm, or you may contact the following persons: • Dr. Novelette Panton, Division Chief, Payment Systems and Money Services Oversight (for cambios and remittance companies and FinTech Sandbox) at novelette.panton@boj.org.jm • Miss Decoda Martin, Chief Prudential Officer (Acting), Financial Institutions Supervisory Division (for commercial banks, merchant banks and building societies) at decoda.martin@boj.org.jm • Mrs. Andrea Clarke, Chief Strategy Officer, Strategic Planning & Project Management Centre at andrea.clarke@boj.org.jm

Bank of Jamaica Regulatory Service Level Standards Performance Report 2024 Page | 2 BM25(251022)10 TABLE 1: Service Level Standards for Money Service Businesses - 2024 ID# ACTIVITY SERVICE LEVEL STANDARD TARGET CLOSED CASESi COMPLIANCE % WITHIN SERVICE LEVEL STANDARD OUTSIDE SERVICE LEVEL STANDARD SE1 MSB Application Processing Acknowledge receipt of application ≤ 5 business days following receipt 186 1 99% SE 2 MSB Application Processing Process applications on receipt of all required documents and communicate ’Bank’s decision (approval or denial) ≤ 60 business days following receipt of all relevant documents 360 19 95% SE3 MSB Application Processing Issue Licence to MSB ≤ 5 business days following receipt of all required documents 75 0 100% SE4 Annual Renewal of Licences

Issue renewal reminder to MSB 30 business days prior to respective expiry dates 64 2 97% SE5 Annual Renewal of Licenses Deliver renewed Licence to MSB ≤ 5 business days after expiry date or receipt of all required documents for renewal. 58 3 95% SE6 Monitor MSBs in Accordance with Operating Directions and Relevant Legislation Conduct on-site Inspection of each Licensee At least once per year 35 0 100% SE7 Monitor MSBs in Accordance with Operating Directions and Relevant Legislation Issue post-inspection correspondence to MSBs 30 business after close of inspection 29 0 100% SE8 Monitor MSBs in Accordance with Operating Directions and Relevant Legislation Issue CFATF and UN Security Council Advisories to Licensees ≤ 2 business days following receipt of Advisory from the Legal Department 5 0 100% SE9 Monitor MSBs in Accordance with Operating Directions and Relevant Legislation Issue Non-Compliance Advisory to Licensees in breach of FX Position Limit By 12 noon of the business day following the breach 3 0 100% SE10 Monitor MSBs in Accordance with Operating Directions and Relevant Legislation Dispatch quarterly remittance Corridor Report to Jamaica Money Remitters Association (JMRA) By the end of the month following the quarter 4 0 100% SE11 Reporting on Licensee Information Issue Public Notice upon revocation of Licence by the Bank or surrender of Licence by a Licensee within 1 business day of effective surrender/revocation date 93 2 98% SE12 Reporting on Licensee Information Issue Public Notice upon approval of a new entity/Licensee by the Bank ≤ 2 business days of effective date of issue of licence N/A SE13 Reporting on Licensee Information Publish list of licensed locations on ’Bank’s website ≤ 2 business days of month-end 24 0 100% ≤70% of Target ≥70% of Target ≥80% of Target

Bank of Jamaica Regulatory Service Level Standards Performance Report 2024 Page | 3 BM25(251022)10 TABLE 2: Service Level Standards for FinTech Sandbox Applicants – 2024 ID# ACTIVITY SERVICE LEVEL STANDARD TARGET CLOSED CASES COMPLIANCE % WITHIN SERVICE LEVEL STANDARD OUTSIDE SERVICE LEVEL STANDARD SE14 Sandbox Application Processing Acknowledge receipt of application ≤ 5 business days following receipt. 9 0 100% SE15 Sandbox Application Processing Process applications on receipt of all required documents and communicate ’Bank’s decision (approval or denial) ≤ 30 business days following receipt of all relevant documents 0 1 0% TABLE 3: Service Level Standards for Deposit-Taking Institutions - Application under the Banking Services Act - 2024 ID# ACTIVITY SERVICE LEVEL STANDARD TARGET CLOSED CASES COMPLIANCE % WITHIN SERVICE LEVEL STANDARD OUTSIDE SERVICE LEVEL STANDARD SE16 Acknowledgement Letter Acknowledge receipt of all applications/submissions received both electronically and by mail ≤ five (5) business days of receipt of submission 48 32 60% SE17 Sufficiency Letter Dispatch of a “sufficiency letter” stating whether or not the submission is deemed complete or incomplete ≤ ten (10) business days subsequent to dispatch of acknowledgement letter 5 10 33% SE18 Assessment of Applications - (approvals, refusal or revocation), corporate and group restructuring, mergers, acquisition and amalgamations Section 7 of BSA – Supervisory Committee to make determinations on licences 180 days subsequent to receipt of complete application documents 3 0 100% SE19 Assessment of Applications – establishment of branch operations Section 7 of BSA – Supervisory Committee to make determinations on licences ≤15 days subsequent to site inspection N/A

Bank of Jamaica Regulatory Service Level Standards Performance Report 2024 Page | 4 BM25(251022)10 TABLE 3: Service Level Standards for Deposit-Taking Institutions - Application under the Banking Services Act - 2024 ID# ACTIVITY SERVICE LEVEL STANDARD TARGET CLOSED CASES COMPLIANCE % WITHIN SERVICE LEVEL STANDARD OUTSIDE SERVICE LEVEL STANDARD SE20 Assessment of whether a proposed Board member is a fit and proper person Section 7 of BSA – Supervisory Committee to make determinations on person ≤ 90 days conditional on receipt of complete application documents and receipt of at minimum one local external agency report and one overseas clearance report, where applicable. 6 9 40% SE21 Assessment of Applications - Licencing of DTIs Section 18-26 of BSA￾licensing of DTI by Supervisory Committee 180 days subsequent to receipt of complete application documents N/A SE22 Assessment of Applications - new businesses or products; new delivery channels for existing businesses or products; strategic alliances, joint ventures, co-branding initiatives and other matters Section 55 of BSA￾Supervisor to make determinations on licences and Bank to provide non￾objection letter 75% of applications processed ≤ 30 days of receipt of complete application as per BSA 1 4 20% SE23 Assessment of Applications – substantial shareholding in a licensee Section 77 of BSA - Supervisory Committee deals with matters relating to substantial shareholding in licensee 75% of applications processed ≤ 120 days of receipt of complete application as per BSA N/A SE24 Assessment of Applications – banking business through agent arrangements Section 108 of BSA - approval of agent banking applications by Supervisory Committee Applications processed ≤ 90 days of receipt of complete application. N/A SE25 Assessment of Application - approval of major changes in existing operations, strategy of policy Section 39(5) of BSA - approval of major changes in ’DTI’s existing operations, strategy or policy by Supervisor 75% of applications processed ≤ 90 days subsequent to receipt of complete application documents 2 3 40%

Bank of Jamaica Regulatory Service Level Standards Performance Report 2024 Page | 5 BM25(251022)10 TABLE 4: Service Level Standards for Deposit-Taking Institutions - TABLE 4: Service Level Standards for Deposit-Taking Institutions - Examination of Licensees - 2024 ID# ACTIVITY SERVICE LEVEL STANDARD TARGET CLOSED CASES COMPLIANCE % WITHIN SERVICE LEVEL STANDARD OUTSIDE SERVICE LEVEL STANDARD SE26 Examination reports Section 64(1)(d) of BSA- Provide board and management of DTI’s with report on the findings of on￾going monitoring. At minimum provide one report annually (or a frequency commensurate with the risk profile of the entity) N/A SE27 Acknowledgement letter Providing correspondence requiring general acknowledgement ≤5 business days of receipt of request 371 86 81% SE28 Supervisory responses Providing acknowledgement of correspondence that require supervisory responses or determination ≤5 business days of receipt of request 65 6 92% Providing supervisory response and determination ≤45 business days of receipt of all information required to formulate response Examination of TABLE 5: Service Level Standards for Deposit-Taking Institutions - Customer Complaints Resolution - 2024 ID# ACTIVITY SERVICE LEVEL STANDARD TARGET CLOSED CASES COMPLIANCE % WITHIN SERVICE LEVEL STANDARD OUTSIDE SERVICE LEVEL STANDARD SE29 Acknowledgement of complaint Acknowledge receipt of complaint received either hardcopy or electronically ≤ 5 business days of receipt of complaint 401 68 86% SE30 Written request for investigation of the complaint by the respective DTI Letter dispatched to CEO of DTI outlining the complaint and requesting investigation and communication of outcome of same to customer and BOJ ≤ 15 business days of receipt of complaint 62 314 16% SE31 Formal response dispatched to complainant Letter dispatched to complainant advising of action taken by BOJ ≤ 15 business days of receipt of complaint 62 314 16%

Bank of Jamaica Regulatory Service Level Standards Performance Report 2024 Page | 6 BM25(251022)10 TABLE 5: Service Level Standards for Deposit-Taking Institutions - Customer Complaints Resolution - 2024 ID# ACTIVITY SERVICE LEVEL STANDARD TARGET CLOSED CASES COMPLIANCE % WITHIN SERVICE LEVEL STANDARD OUTSIDE SERVICE LEVEL STANDARD SE32 Telephone contact with DTI Follow up with DTI regarding status of investigation of the complaint ≤ 10 business days of dispatch of written complaint to DTI N/A TABLE 6: Service Level Standards for Deposit-Taking Institutions - Financial Analysis and Monitoring - 2024 ID# ACTIVITY SERVICE LEVEL STANDARD TARGET CLOSED CASES COMPLIANCE % WITHIN SERVICE LEVEL STANDARD OUTSIDE SERVICE LEVEL STANDARD SE33 Publication of Balance Sheet data on DTIs To fulfil BOJ’s mandate of data publication, pursuant to Section 64(1)(f) of the BSA Dates as outlined in published calendar 4 0 100% i For MSBs and DTIs Cases Closed denotes completed activities that have concluded following Bank of Jamaica making its decision. In the case of Customer Complaints, a case is considered closed when Bank of Jamaica has complied with the procedures to contact complainant, receive response from the DTI and advise complainant of response.