Financial Crime World

Jamaica Takes a Tough Stance on AML CFT Compliance as FSC Steps Up Enforcement Efforts

The Financial Services Commission (FSC) in Jamaica has intensified its efforts to combat money laundering, terrorist financing, and proliferation financing, with a renewed focus on ensuring compliance among financial institutions. As the country’s top financial regulator, the FSC is working closely with local authorities and international partners to prevent the misuse of the financial system for illicit activities.

A Key Player in Jamaica’s National Anti-Money Laundering Committee

As a key member of Jamaica’s National Anti-Money Launderling Committee (NAMLC), the FSC plays a crucial role in overseeing AML/CFT policy and ensuring that all stakeholders adhere to international standards set by the Financial Action Task Force (FATF). The NAMLC is responsible for promoting effective collaboration among regulators, law enforcement agencies, and other key stakeholders, as well as monitoring interactions with international bodies such as FATF and the Caribbean Financial Action Task Force (CFATF).

Informing Licensees and Registrants of Obligations

The FSC has taken steps to inform its licensees and registrants of their obligations under various laws, including:

  • The Proceeds of Crime Act
  • Terrorism Prevention Act
  • United Nations Security Council Resolutions Implementation Act

To this end, the Commission has developed guidelines on AML/CFT/CPF (Combating Proliferation Financing) that provide general guidance to regulated entities on preventing and detecting money laundering, terrorist financing, and proliferation financing.

AML/CFT/CPF Guidelines

The AML/CFT/CPF Guidelines offer practical advice on developing effective procedures for combating these threats, in line with applicable law and international standards. However, failure to comply with the guidelines may result in enforcement action and administrative sanctions. As such, registrants and licensees are urged to pay close attention to the guidelines and ensure that they implement and maintain robust compliance regimes.

Key Takeaways from the Guidelines

  • Developing effective procedures for combating money laundering, terrorist financing, and proliferation financing
  • Implementing robust customer due diligence processes
  • Monitoring transactions for suspicious activity
  • Reporting suspicious transactions to the relevant authorities

Support from the FSC’s AML Unit

The FSC’s AML Unit is available to provide assistance and support to regulated entities as needed. With its commitment to cooperation with local and overseas regulatory authorities and partner agencies, Jamaica is taking a proactive approach to combating financial crime and protecting its financial system from abuse.

By working together to combat money laundering, terrorist financing, and proliferation financing, Jamaica can ensure the integrity of its financial system and maintain its position as a responsible global player.