Regulatory Alerts2021-01-01
The Microcredit (Requirement for Grant of Licence) Regulations, 2021
The Regulatory Authority of Jamaica, with the approval of the Minister of Finance, issued regulations establishing specific requirements for granting microcredit licenses under the Microcredit Act. These rules mandate that the Supervisor evaluate applicants based on document validity, ownership transparency, financial resources, fit-and-proper status of officers, and compliance with anti-money laundering standards. For overseas applicants, the regulations further require prior foreign regulator approval, adherence to home jurisdiction standards, and the establishment of a local principal office with designated authorized agents in Jamaica.
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