Financial Crime World

Jamaica Financial Sector Urged to Ensure Compliance with AML/CFT Best Practices

The Financial Services Commission (FSC) has issued an updated set of guidelines to ensure that regulated businesses in Jamaica comply with anti-money laundering, counter financing of terrorism, and counter proliferation financing (AML/CFT/CPF) requirements.

Objective of the Guidelines

According to the FSC, the primary objective of the guidelines is to inform regulated businesses of their responsibilities under relevant legislation and identify best practices in AML, CFT, and CPF procedures, processes, and systems. The guidelines set out minimum acceptable standards for compliance with the AML/CFT/CPF legislation, but regulated businesses are encouraged to adopt internal controls that meet or exceed these standards.

Revised Guidelines

The revised guidelines take into account the latest regulatory requirements and industry developments, and are effective as of February 28, 2023. Regulated businesses in Jamaica are advised to familiarize themselves with the new guidelines and implement the necessary changes to ensure compliance.

Availability of Guidelines

The FSC has made the updated guidelines available for download on its website, along with supplemental counter proliferation financing guidelines. The commission’s efforts to promote AML/CFT/CPF best practices are seen as crucial in maintaining the integrity of Jamaica’s financial sector and preventing it from being used for illicit activities.

Consequences of Non-Compliance

Regulated businesses in Jamaica that fail to comply with the AML/CFT/CPF requirements may face severe consequences, including fines and reputational damage. The FSC’s guidelines serve as a critical tool in helping these businesses stay compliant and protect themselves against financial crime.

Key Takeaways

  • Regulated businesses in Jamaica are required to comply with AML/CFT/CPF requirements.
  • The revised guidelines take into account the latest regulatory requirements and industry developments.
  • Businesses are encouraged to adopt internal controls that meet or exceed the minimum acceptable standards.
  • Failure to comply may result in severe consequences, including fines and reputational damage.