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Jamaica’s Financial System Reaps Benefits from Robust Banking Regulations Compliance

KINGSTON, JAMAICA - The Bank of Jamaica’s comprehensive regulatory framework has played a crucial role in maintaining the stability and integrity of the island’s financial system.

Strong Foundation for Supervision and Examination

A robust set of primary and secondary legislative acts provides a solid foundation for the supervision and examination of commercial banks and specified financial institutions. These statutes establish the legal parameters for licensing and supervising financial institutions, including prudential criteria and minimum solvency standards.

Key Pieces of Legislation


  • The Bank of Jamaica Act
  • Banking Act
  • Financial Institutions Act
  • Building Societies Act

These acts have undergone several amendments since their inception to ensure they remain relevant and effective in addressing emerging challenges in the sector. The most recent updates include changes made in:

  • 1992
  • 1994
  • 1995
  • 2001
  • 2002
  • 2004
  • 2005

Subsidiary Regulations


In addition to primary legislation, subsidiary regulations also play a crucial role in specifying precise requirements, procedures, supervisory standards, and institutional practices for commercial banks, merchant banks, and building societies. Some examples of subsidiary legislation include:

  • Bank of Jamaica (Building Societies) Regulations, 1995
  • Banking (Capital Adequacy) Regulations, 2004
  • Money Laundering Act

Benefits of Robust Regulation


The Bank of Jamaica’s commitment to robust regulation has yielded significant benefits for the financial system. These include:

  • Better risk management and stability
  • Smooth operation of the economy
  • Level playing field for all institutions, promoting fair competition and trust among stakeholders

As Jamaica continues to navigate the complexities of the global financial landscape, it is clear that its banking regulations compliance regime will remain a vital component of maintaining financial stability and promoting economic growth.