Central Bank of Jamaica Circular 2018/7/30

Central Bank of Jamaica Circular No. 2018/7/30 Date: July 30, 2018

Subject: Implementation of Regulatory Requirements

1. Introduction The Central Bank of Jamaica (CBJ) hereby issues this circular to provide guidance on the implementation of specific regulatory requirements for financial institutions. This circular is issued under the powers conferred upon the Bank by the Central Bank of Jamaica Act.

2. Scope and Application This circular applies to all licensed financial institutions operating within Jamaica, including commercial banks, discount houses, and other regulated entities. Institutions are required to ensure full compliance with the provisions outlined herein.

3. Key Requirements Institutions must adhere to the following standards:

• Maintain adequate capital reserves as prescribed by the Bank.
• Submit regular reports on operational activities and financial status.
• Implement internal controls to mitigate risks associated with financial transactions.

4. Compliance Timeline Compliance with the requirements set forth in this circular is mandatory as of the date of issuance. Institutions are expected to review their current practices and make necessary adjustments to ensure alignment with these directives.

5. Contact Information For further information or clarification, please contact the Central Bank of Jamaica: Email: info@cbj.gov.jo Website: www.cbi.gov.jo

Issued by: Central Bank of Jamaica July 30, 2018