Regulatory Alerts2023-02-07
Added · Updated
Guidelines on Risk Assessment for Service Providers
The Financial Services Commission of Jamaica issued these guidelines under the Trust and Corporate Services Providers Act, 2017, to mandate risk assessment procedures for licensed trust and corporate services providers. The document requires licensees to identify, assess, and document inherent business risks related to customers, products, and operations while establishing robust internal controls and senior management oversight. Providers must update their risk assessments annually, submit annual compliance reports, and ensure independent audits occur at least every two years to maintain regulatory standing.
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