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Financial Institutions Advised: Anti-Money Laundering and Counter-Terrorism Financing Guidelines

Deadline for Consultation

April 30th, 2016

The Bank of Jamaica (BOJ) has issued updated guidance notes on anti-money laundering (AML) and counter-terrorism financing (CFT) techniques for financial institutions. The guidelines aim to ensure compliance with applicable legislation and international best practices.

What’s Included

  • Definition of key terms such as “applicable legislation”, “competent authority”, and “designated non-financial institution”
  • Explanation of the objective of the guidance notes
  • Review process to ensure continued usefulness, efficacy, and relevance
  • Applicability of the guidelines to financial institutions, including agent banking services and retail payment service providers

What’s New

  • The guidelines are informed by the Financial Action Task Force (FATF) Revised Forty (40) Recommendations, 2012
  • The BOJ has been designated as the competent authority for anti-money laundering and counter-terrorism financing purposes

Why It Matters

  • Compliance with AML/CFT regulations is crucial to preventing financial crimes and maintaining the integrity of the financial system
  • Financial institutions are required to implement adequate AML/CFT controls policies and procedures to prevent money laundering and terrorist financing activities

How to Get Involved

  • The BOJ invites feedback on the updated guidance notes by April 30th, 2016
  • Comments can be submitted in writing or via email to [insert contact information]
  • The BOJ will consider all comments received before finalizing the guidelines

Don’t miss this opportunity to shape the future of anti-money laundering and counter-terrorism financing regulations in Jamaica. Submit your feedback today!