Regulatory Alerts2016-01-01
The Banking Services (Deposit Taking Institutions) (Agent Banking) Regulations, Resolution, 2016
The Jamaica House of Representatives and Senate affirmed the Banking Services (Deposit Taking Institutions) (Agent Banking) Regulations, 2016, which establish a regulatory framework for deposit-taking institutions to appoint non-bank agents to provide banking services. The regulations mandate rigorous approval processes, requiring detailed applications on financial stability, security, and due diligence, while imposing strict operational standards such as physical separation of banking activities and comprehensive record-keeping. Furthermore, the rules define prohibited agent conduct, restrict the use of banking terminology, and enforce continuous monitoring and notification obligations on appointing institutions to ensure compliance and consumer protection.