Financial Crime World

Here is the converted article in markdown format:

Bank of Jamaica Issues Revised Guidance Notes on Anti-Money Laundering and Counter-Financing of Terrorism

Effective Immediately

The Bank of Jamaica (BOJ) has issued revised guidance notes on anti-money laundering (AML) and counter-financing of terrorism (CFT), effective immediately. The updated guidelines aim to provide a clearer understanding of the bank’s expectations for financial institutions in Jamaica to prevent money laundering and terrorist financing.

Background

The Guidance Notes, which were last reviewed in March 2009, outline the responsibilities of financial institutions under the Proceeds of Crime Act (POCA) and the Terrorism Prevention Act (TPA). The notes also provide best practices in AML/CFT techniques and highlight the importance of compliance with international standards.

International Standards

The revised Guidance Notes are informed by the Financial Action Task Force (FATF) Revised Forty (40) Recommendations, 2012, as well as other AML/CFT-related international requirements. The notes apply to financial institutions defined in the interpretation section and those that obtain authorization from the BOJ to engage in agent banking services or offer retail payment services.

Implementation

Financial institutions are advised to review the revised Guidance Notes carefully and implement any necessary changes to comply with the updated requirements. The BOJ will also conduct regular monitoring and supervision of financial institutions to ensure compliance with AML/CFT regulations.

Consultation Period

The Bank of Jamaica invites feedback and comments from stakeholders on the revised Guidance Notes by April 30, 2016. The consultation period is expected to last approximately two months, during which time financial institutions, industry associations, and other interested parties can provide input and suggestions for improvement.

Timeline

  • Feedback and comments invited: April 30, 2016
  • Consultation period: Approximately two months
  • Finalization of revised guidance notes: TBA

Accessing the Revised Guidance Notes

The revised Guidance Notes can be accessed on the Bank of Jamaica’s website or upon request from the Financial Investigations Division (FID). A follow-up article will be published once the consultation period has concluded and the revised guidance notes are finalized.