Regulatory Alerts2025-01-01
Standard of Sound Practice for Effective Corporate Governance of DTIs and FHCs
The Bank of Jamaica issued this updated Standard of Sound Practice to establish comprehensive corporate governance expectations for Deposit-Taking Institutions and Financial Holding Companies. The document mandates that Boards and senior management ensure prudent risk management, define risk appetite, and maintain robust group governance structures aligned with the Banking Services Act. Non-compliance may trigger supervisory interventions, including restrictions on activities or remedial directions under Section 109 of the Act.
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