Regulatory Alerts2019-01-01
The Terrorism Prevention (Reporting Entities) (Amendment) Regulations, 2019
The Minister of Foreign Affairs and Foreign Trade of Jamaica issued these Regulations to amend the Terrorism Prevention (Reporting Entities) Regulations, 2010. The amendments require regulated businesses to establish risk profiles for operations and transactions, define satisfactory identity evidence from independent sources, and permit simplified due diligence for low-risk cases with competent authority approval. Additionally, the Regulations introduce special counter-measures for high-risk categories, expand verification obligations for beneficiaries and beneficial owners, and update penalty structures for contraventions.
Share