Financial Crime World

Jamaica’s Financial Services Commission: Leading the Charge Against Money Laundering, Terrorist Financing, and Proliferation

The Financial Services Commission (FSC) of Jamaica plays a pivotal role in combating Money Laundering (ML), Terrorist Financing (TF), and Proliferation Financing (CPF) within the country. As a member of Jamaica’s National Anti-Money Laundering Committee (NAMLC), the FSC leads the charge in overseeing Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) policies.

The FSC’s Role in Combatting Financial Crimes

As a Competent Authority under three key legislations: the Proceeds of Crime Act (POCA), Terrorism Prevention Act (TPA), and the United Nations Security Council Resolutions Implementation Act (UNSCRIA), the FSC is responsible for:

  1. Informing licensees and registrants of their AML/CFT/CPF obligations.
  2. Ensuring compliance with international best practices.
  3. Developing Guidelines for AML/CFT/CPF procedures.
  4. Providing assistance and enforcement, when needed.

Comprehensive Guidelines for AML/CFT/CPF Compliance

The FSC has developed AML/CFT/CPF Guidelines to help regulated entities comply with local and international requirements. These guidelines provide practical advice on implementing procedures for:

  • Customer due diligence.
  • Record-keeping.
  • Reporting suspicious transactions.
  • Risk assessments and management systems.

Key Obligations and Consequences

Registrants and licensees are required to:

  • Adhere to the FSC’s AML/CFT/CPF Guidelines.
  • Maintain ongoing compliance regimes.

Failure to comply with the provisions may result in:

  • Legal proceedings in the courts.
  • Administrative sanctions.

To properly understand the AML/CFT/CPF framework, it is crucial to read these Guidelines in conjunction with Jamaica’s corresponding legislation, as they form integral parts of the AML/CFT/CPF legislative regime.

Commitment to Eradicating Financial Crimes

As part of the global fight against financial crimes, the FSC remains dedicated to providing guidance, support, and enforcement to maintain a safe financial environment in Jamaica. Registrants and licensees are strongly encouraged to reach out to the FSC’s AML Unit whenever assistance is needed.