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JAMAICA: Bank of Jamaica Issues Guidance Notes on Anti-Money Laundering and Counter-Financing of Terrorism
The Bank of Jamaica has issued revised Guidance Notes on Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) techniques for financial institutions operating in the country. The guidance notes aim to highlight the responsibilities of these institutions under applicable legislation and provide best practices in AML/CFT.
Background
The guidance notes are informed by the Revised Forty Recommendations of the Financial Action Task Force (FATF), 2012, as well as other international requirements related to AML/CFT. The notes apply to financial institutions defined under Jamaican law, including:
- Commercial banks
- Merchant banks
- Building societies
- Money transfer and remittance agents
Key Definitions
The guidance notes outline the meaning of key terms such as:
- Applicable legislation
- Competent authority
- Designated non-financial institution
They also define the objective of AML/CFT techniques and provide a timeline for consultation on the guidance notes by end-April 2016.
Review and Update
The Bank of Jamaica has emphasized that these guidance notes will be reviewed periodically to ensure their continued usefulness, efficacy, relevance, and adherence to international best practice standards. The revised guidance notes replace earlier versions issued in:
- August 2004
- March 2009
- July 1995
Compliance Requirements
Financial institutions operating in Jamaica are expected to inform themselves of the requirements outlined in the guidance notes and ensure that their operations comply with the necessary AML/CFT controls. Agents, banking services providers, and retail payment service providers are also subject to these guidelines.
Consultation Deadline
The Bank of Jamaica has given a deadline for consultation on the guidance notes by end-April 2016, after which they will be finalized and implemented.
Objectives
The revised guidance notes aim to strengthen Jamaica’s efforts in combating money laundering and financing of terrorism, and enhance its reputation as a stable financial hub in the region.