Regulatory Alerts2007-01-01
Proceeds of Crime (Money Laundering Prevention) Regulations 2007
The Minister of Jamaica issued these regulations to establish a comprehensive framework for preventing money laundering within the regulated financial sector. The rules mandate that financial institutions report cash transactions exceeding specific prescribed amounts to the designated authority and require regulated businesses to implement robust internal controls, employee training, and risk-based identification procedures. Additionally, the regulations enforce enhanced due diligence for high-risk relationships, including those involving politically exposed persons, while providing legal exemptions for institutions that comply with reporting obligations.
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