Regulatory Alerts2015-01-01
The Banking Services (Deposit Taking Institutions) (Licence Application) Rules, 2015
The Supervisory Committee of Jamaica issued these Rules to establish the mandatory requirements for applications seeking a licence to operate as a bank, merchant bank, or building society under the Banking Services Act. The regulations mandate that applicants submit specific forms and comprehensive documentation covering ownership structures, financial strength, business plans, governance, and risk management frameworks. Furthermore, the Rules empower the Supervisory Committee to request additional information, verify data via statutory declaration, and discontinue assessments if applications are incomplete or fail to meet prescribed standards.
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