Bank of Jamaica Warns of Suspicious Activities in Financial Transactions

Warning Issued to Customers and Staff

Kingston, Jamaica - The Bank of Jamaica has issued a stern warning to its customers and staff about the importance of detecting and reporting suspicious activities in financial transactions. In light of new guidelines, any transaction that appears unusual or out of character for a particular customer or industry may be subject to enhanced monitoring or further investigation.

Enhanced Monitoring and Investigation

The bank will closely scrutinize transactions involving:

• Large sums of money
• Wire transfers
• High-risk customers, such as Politically Exposed Persons (PEPs)

Additionally, the bank has emphasized the importance of verifying the identity and authority of customers and counterparties involved in transactions. Accurate and complete documentation is also essential for all transactions.

Heightened Vigilance Required

In particular, heightened vigilance is needed when dealing with high-risk customers who may pose a higher risk to the financial system. The bank takes these matters very seriously and will not tolerate any suspicious activity that could undermine the integrity of our financial system.

Key Takeaways

• Suspicious transactions may be subject to enhanced monitoring or further investigation
• Transactions involving large sums of money, wire transfers, or high-risk customers will be closely scrutinized
• Customers and staff must verify the identity and authority of counterparties involved in transactions
• Accurate and complete documentation is essential for all transactions

What to Do if You Suspect Suspicious Activity

If you suspect suspicious activity, please:

• Contact the Bank of Jamaica’s Nominated Officer immediately
• Report any suspicious activity to the Designated Authority as required by law
• Cooperate fully with any investigation or inquiry into suspected suspicious activity

Note: The new guidelines come into effect immediately, and those found guilty of violating them may face severe penalties.