JAMAICA FINANCIAL REGULATORS ISSUE GUIDANCE ON AML/CFT BEST PRACTICES
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Bank of Jamaica Issues Revised Guidance Notes on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT)
Kingston, Jamaica - In a move to promote sound corporate governance within the financial sector, the Bank of Jamaica has issued revised guidance notes on AML/CFT best practices. The updated guidelines aim to align with recent legislative changes and international standards.
Key Principles and Requirements
The guidance notes, titled “Guidance Notes on the Prevention of Money Laundering and Countering the Financing of Terrorism, Proliferation and Managing Related Risks”, provide clear expectations for financial institutions in implementing effective AML/CFT systems. The document outlines key principles and requirements for identifying and mitigating risks associated with money laundering and terrorist financing.
Industry Expert Reaction
According to industry experts, the revised guidance notes are a significant step forward in strengthening Jamaica’s financial sector against money laundering and terrorist financing. “These guidelines demonstrate the Bank of Jamaica’s commitment to promoting a robust AML/CFT regime that protects the integrity of our financial system,” said a leading financial expert.
Covered Areas
The guidance notes cover key areas such as:
- Customer due diligence
- Suspicious transaction reporting
- Ongoing monitoring and review
- Implementing effective controls and procedures to prevent money laundering and terrorist financing
Additional Standards Issued
In addition to the AML/CFT guidance notes, the Bank of Jamaica has issued various standards of best practice in other critical areas, including:
- Corporate governance
- Risk management
- Financial reporting
These standards aim to promote a culture of good governance and transparency within the financial sector.
Effective Date and Electronic Submission
The revised guidance notes were published in the gazette on June 14th, 2018, and are now in effect. The Bank of Jamaica has also made available browser-based applications for electronic submission of returns and reports, making it easier for financial institutions to comply with prudential reporting requirements.
Conclusion
With these updated guidelines, Jamaica’s financial sector is better equipped to combat money laundering and terrorist financing, protecting the country’s economic stability and international reputation.