Regulatory Alerts2017-01-01
Standard of Sound Practice on Agent Banking
The Bank of Jamaica issued this Standard of Sound Practice to establish minimum expectations for Deposit Taking Institutions seeking to offer banking services through non-banking agents under the Banking Services Act, 2014. The document delineates the regulatory approval process, requiring DTIs to demonstrate operational readiness and obtain Supervisory Committee approval for specific agents, while defining strict roles for supervisors, institutions, and agents. It further mandates comprehensive risk management, AML/CFT compliance, and liability retention by the DTI, while explicitly prohibiting agents from charging fees, granting loans, or subcontracting services.
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