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Jamaica’s Financial Services Commission Updates Anti-Money Laundering and Counter-Terrorism Guidelines for Regulated Businesses

The Jamaican Financial Services Commission (FSC) has released an updated set of guidelines aimed at ensuring that regulated businesses in the country are compliant with anti-money laundering, counter-financing of terrorism, and counter-proliferation financing requirements. The revised guidelines take effect on February 28, 2023.

Purpose of the Updated Guidelines

According to the FSC, the updated guidelines aim to:

• Inform regulated businesses of their responsibilities under applicable legislation
• Identify best practices in AML/CTF/CPF procedures, processes, and systems
• Establish minimum acceptable standards for compliance with anti-money laundering and counter-terrorism regulations

Compliance Requirements

The guidelines have been issued pursuant to:

• Section 91(g)(ii) of the Proceeds of Crime Act
• Regulation 20(b) of the Terrorism Prevention (Reporting Entities) Regulations
• Section 14A(b) of the United Nations Security Council Resolutions Implementation Act

Regulated businesses may adopt internal controls that are of equivalent or higher standard.

Supplemental Guidelines on Counter-Proliferation Financing

The FSC has also released supplemental guidelines on counter-proliferation financing, which can be downloaded from their website. The updated guidelines are a crucial step in Jamaica’s efforts to combat money laundering and terrorist financing, and will help ensure the country’s financial system remains secure and transparent.

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