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Central Bank of Jamaica Employes Risk-Based Approach to Enhance Financial Security

Introduction The Central Bank of Jamaica has implemented a Risk-Based Approach (RBA) to assess and manage financial risks, ensuring the integrity of the country’s financial system. The RBA framework was developed by the Bank’s Corporate Risk Management Department, taking into account national risk assessment reports, peer reviews, and financial sector assessments.

Key Threats Identified According to the Bank’s latest national risk assessment report published in August 2021, some key threats have been mitigated through the extension of a regulatory regime for Financial Institutions (FIs) and Designated Non-Financial Institutions (DNFIs). However, ongoing vigilance is necessary to address emerging risks.

Risk-Based Approach The RBA framework involves a comprehensive and ongoing assessment of: * Threats * Risks * Vulnerabilities * Implementation of commensurate measures to mitigate these risks

Key AML/CTF Risks The Central Bank has identified several key Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CTF) risks, including: * Money laundering and terrorist financing methods and trends * Cyber-related crimes * Economic, geographical or social environment factors * Weaknesses in existing defense mechanisms

Measures Implemented To address these risks, the Central Bank has implemented various measures, including: * Enhanced due diligence for transactions undertaken with the Bank * Application of international standards and best practices in AML/CTF compliance

Commitment to Combating Financial Crime The Central Bank is committed to staying at the forefront of efforts to combat financial crime and ensure the integrity of Jamaica’s financial system.