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Jamaica’s Banks Face Compliance Requirements to Enhance Corporate Governance

The Bank of Jamaica has released a series of standards and guidelines aimed at promoting sound corporate governance within the country’s deposit-taking institutions. These standards, known as Standards of Best Practice, provide clear guidance on supervisory expectations for board members and management in implementing risk management systems.

Key Areas Covered

• Minimum automated banking machines service-level-standards to strengthen consumer protection
• Cybersecurity principles
• Corporate governance
• Capital conservation buffers

Notable Publications

• A consultation paper on the management of cyber risks
• Guidance notes on preventing money laundering and countering the financing of terrorism
• Problem asset management provisioning and accounting for expected credit losses
• Agent banking
• Fit and proper assessments
• Real estate appraisal management

Standards Issued by the Bank of Jamaica

• Internal control
• Foreign exchange risk management
• Interest rate risk management
• Capital management
• Credit risk management
• Liquidity risk management
• Securities portfolio risk management

Anti-Money Laundering and Combating the Financing of Terrorism Guidance Notes

The central bank has revised its anti-money laundering and combating the financing of terrorism guidance notes to align with international standards. The updated guidance notes were published in the gazette on June 14, 2018, and are now in effect.

Prudential Reporting Requirements

• Monthly balance sheets
• Loans and deposits flow
• Maturity profile and repricing gap
• Payments
• Quarterly reports

The Bank of Jamaica’s prudential reporting requirement regime aims to enhance transparency and accountability within the financial sector, ensuring that institutions are able to effectively manage risk and maintain a stable financial system.