Regulatory Alerts2023-05-01
Jamaica Financial Services Commission Updated AML/CFT/CPF Guidelines
The Financial Services Commission of Jamaica has issued updated Anti-Money Laundering, Counter Financing of Terrorism, and Counter Proliferation Financing guidelines to align with 2019 legislative amendments and FATF standards. Regulated businesses must implement enhanced customer due diligence, simplified due diligence for low-risk cases, and immediate asset freezing for proscribed persons under the United Nations Security Council Resolutions Implementation Act. The document establishes a risk-based supervisory framework and mandates strict recordkeeping, transaction monitoring, and reporting obligations to prevent financial crimes.
Share