Regulatory Alerts2026-06-17
Added · Updated
Guidance Notes on the Prevention of Money Laundering and Countering the Financing of Terrorism, Proliferation and Managing Related Risks — 2026
The Bank of Jamaica substantially revises its guidance notes to align with 2019 amendments to Jamaican AML/CFT/CPF laws, updated FATF recommendations, and new UN Security Council resolutions. The document mandates that regulated financial institutions, including microcredit institutions, apply a risk-based approach to policies, procedures, and customer due diligence. It establishes specific regulatory expectations for high-risk scenarios, simplified and enhanced due diligence measures, and the management of politically exposed persons. Additionally, the guidance outlines obligations regarding emerging technologies, virtual currencies, and targeted financial sanctions under the Banking Services Act.