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JAMAICA’S FINANCIAL INSTITUTIONS URGED TO COMPLY WITH AML/CFT GUIDELINES BY END APRIL

Kingston, Jamaica - In an effort to combat money laundering and terrorism financing, the Bank of Jamaica (BOJ) has released updated guidelines for financial institutions to comply with by end April 2016.

Guidelines Aimed at Ensuring International Best Practices

The guidelines were last revised in March 2009 and are aimed at ensuring that Jamaican financial institutions adhere to international best practices in anti-money laundering (AML) and counter-terrorist financing (CFT).

Informed by FATF Revised Forty Recommendations and Applicable Legislation

According to the BOJ, the guidelines are informed by the Financial Action Task Force (FATF) Revised Forty (40) Recommendations, 2012, as well as applicable legislation and other AML/CFT-related international requirements.

Definition of a “Financial Institution”

The guidelines define a “financial institution” as any entity that falls under the supervisory jurisdiction of the BOJ, including:

Commercial banks
Merchant banks
Building societies
Credit unions
Exchange bureaus
Money transfer and remittance agents

Adequate AML/CFT Controls Required

Financial institutions are required to implement adequate AML/CFT controls policies and procedures to prevent the misuse of their services for illicit purposes. The guidelines also outline best practices in identifying and reporting suspicious transactions.

Guidelines Mandatory and Essential for a Stable Financial System

The BOJ has emphasized that these guidelines are not only mandatory but also essential for maintaining a stable financial system and preventing the financing of criminal activities.

“We urge all financial institutions to review and comply with these guidelines by end April 2016,” said a BOJ spokesperson. “Non-compliance can result in serious consequences, including fines and penalties.”

Periodic Review

The guidelines will be reviewed periodically to ensure their continued usefulness and efficacy in combating money laundering and terrorism financing.

In related news, the Jamaican government has pledged to strengthen its efforts to combat financial crimes, including money laundering and terrorism financing. The country’s Financial Investigations Division is working closely with international partners to share intelligence and best practices in this area.