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Bank Fraud Detection Tools Crucial in Jamaica’s Fight Against Financial Crime

The Bank of Jamaica (BOJ) has revealed that fraudulent activities in the country’s banking system have decreased, but the value remains significant at an estimated $700 million to $800 million annually. This disclosure was made by Dr. Jide Lewis, Deputy Governor of the BOJ, during a seminar on anti-money laundering.

The Fight Against Financial Crime

While Jamaica is not doing badly compared to other jurisdictions, there is still room for improvement. The country’s exposure to money laundering and terrorist financing has been a major concern, with the Financial Action Task Force (FATF) placing it on its grey list since 2020.

Compliance with FATF Requirements

To get off this list, Jamaica needs to complete 13 action items to fully comply with the 40 measures of the FATF. Dr. Lewis emphasized that the country is largely compliant with six of these action items and must demonstrate significant progress in addressing the remaining seven by the summer.

Fraud Detection Efforts

The BOJ has been working to strengthen its regulatory framework, particularly in the area of fraud detection. A recent study found that fraudulent activities have decreased since 2021, but losses still averaged $1 billion per annum between January 2018 and October 2021.

Types of Fraudulent Activities

The study defined fraud as unlawful means to obtain funds or property and identified major frauds originating from internal staff, internet banking, loans, wire transfers, among others. The report found that most incidents related to credit and debit card fraud, with an estimated total of $3.3 billion.

Regulatory Efforts

The BOJ has been expanding its regulatory reach to include non-bank financial companies and pension funds in a bid to combat fraud. The ongoing investigation into the alleged fraud case involving boutique securities firm Stocks & Securities Limited has also highlighted the need for stronger regulations.

Recent Developments

In related news, the UK Privy Council recently handed down a ruling against the Jamaican Bar Association, which had sought to invoke client privilege in reporting suspicious financial activity under the Proceeds of Crime Act. The ruling stated that the regime does not breach attorneys’ or their clients’ constitutional rights, and lawyers who fail to report suspicious transactions will face sanctions.

Consequences of Non-Compliance

The BOJ’s efforts to get off the FATF grey list are crucial, as a failure to comply could have severe consequences for the country’s financial sector. As Dr. Lewis noted, “We have two to three months” to demonstrate significant progress in addressing the remaining action items and meeting the FATF’s requirements.

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