Regulatory Alerts2024-04-02
Added · Updated
Minimum Automated Banking Machines Service-Level Standards To Strengthen Consumer Protection for Customers of Deposit-Taking Institutions
The Bank of Jamaica and the Financial Services Commission issued guidance requiring deposit-taking institutions to maintain high operational standards for automated banking machines to enhance consumer protection. The regulations mandate specific metrics for cash availability, service uptime, fraud prevention, transparent fee structures, and physical security measures across all machine deployments. Additionally, the document establishes requirements for financial education, accessibility for persons with disabilities, and monthly regulatory reporting on machine performance and compliance.