Title: Jamaica’s Financial Institutions, Including JN General Insurance (JNGI), Reinforce Commitment to Know Your Customer (KYC) Regulations

Jamaica’s legislation requires financial institutions, such as JN General Insurance (JNGI), to implement Know Your Customer (KYC) procedures in order to prevent money laundering and terrorist financing.

What is KYC?

• KYC is a process by which financial institutions, including JNGI, authenticate and verify their customers’ identities.
• It is an essential measure to prevent identity theft, financial fraud, money laundering, and terrorist financing.

Government Regulations and Guidelines

• In accordance with Jamaica’s anti-money laundering efforts, financial institutions like JNGI are bound by:
  • The Proceeds of Crime Act
  • The Financial Services Commission’s (FSC) Anti-Money Laundering guidelines.
• These regulations require all insurance companies to:
  • Identify their customers
  • Ensure a secure and well-informed business environment

Identity Verification: New Business Relationships

When initiating a new business relationship, financial institutions must obtain specific information from individuals and corporations:

For Individuals:

• Current photo ID (Driver’s License, Passport, Voter’s ID)
• Tax Registration Number (TRN)
• Employment information

For Companies:

• Certificate of Incorporation
• TRN

Adequacy and Regular Updates

• Regular assessments of the adequacy of collected customer information are necessary.
• In cases where previously obtained information proves insufficient, customers are contacted to request updated information.
• Law mandates updating existing clients’ records to ensure accuracy as their circumstances evolve.

Affiliates and Partners

• JNGI and other financial institutions perform KYC checks not only for their direct clients but also for affiliates and partners.
• Extending protective measures to prevent any potential involvement in illicit activities.