Regulatory Alerts2024-01-26
Added · Updated
Guidelines on Material Breaches by Trust and Corporate Services Providers
The Financial Services Commission of Jamaica issued these guidelines to define material breaches of the Trust and Corporate Services Providers Act for independent auditors. The document mandates that auditors report specific serious violations, including imprudent business conduct, false statements, and failures in record-keeping or anti-money laundering controls. It further outlines aggravating factors such as deliberate negligence and financial loss to help determine the materiality of a licensee's non-compliance.