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Terrorism Prevention Regulations: Guidance Notes for Financial Institutions

In an effort to combat money laundering and terrorist financing, the Government of Jamaica has released revised guidance notes for financial institutions. The new guidelines are designed to help prevent the use of financial systems for illegal activities, while also ensuring that financial institutions comply with international standards.

Background

The guidance notes have been updated to reflect changes in anti-money laundering (AML) and counter-terrorism financing (CFT) regulations, as well as revisions to the Financial Action Task Force (FATF) 40 Recommendations. The new guidelines aim to promote a risk-based approach to AML/CFT policies and procedures, while also providing additional guidance on key issues such as customer due diligence, agent banking, and virtual currencies.

Key Provisions

• Definition of Financial Institution: The guidance notes define “financial institution” as any entity that falls under the AML/CFT jurisdiction of the Bank of Jamaica (BOJ), including commercial banks, merchant banks, building societies, credit unions, and other financial institutions. • Implementation of AML/CFT Controls: Financial institutions are required to implement AML/CFT controls policies and procedures, including customer due diligence, ongoing monitoring, and reporting suspicious transactions. • Agent Banking Services Providers: Agent banking services providers must ensure that their operations comply with the guidance notes and any applicable AML/CFT rules issued by the BOJ. • Retail Payment Service Providers: Retail payment service providers offering services that interface with banks or other financial institutions are also expected to comply with the guidance notes.

International Standards

The guidance notes have been informed by international standards, including the FATF 40 Recommendations and related best practice papers. The guidelines aim to ensure compliance with international standards for AML/CFT, while also promoting effective implementation of these standards in Jamaica.

Review and Revision

The guidance notes will be reviewed periodically to ensure their continued usefulness and relevance. Any revisions will be made as deemed necessary to reflect changes in international standards or best practices.

Conclusion

The revised guidance notes are an important step towards preventing the use of financial systems for illegal activities in Jamaica. By promoting a risk-based approach to AML/CFT policies and procedures, financial institutions can help prevent money laundering and terrorist financing while also ensuring compliance with international standards.