Jamaica’s Small Businesses Must Comply with Anti-Money Laundering Procedures or Face Consequences

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The Financial Services Commission (FSC) in Jamaica has issued a stern warning to small businesses and entities operating in the country to comply with anti-money laundering (AML), combating the financing of terrorism (CFT), and proliferation financing (CPF) procedures. Failure to comply may result in severe consequences.

Role of the FSC

The FSC plays a pivotal role in combatting money laundering, terrorist financing, and proliferation financing in Jamaica. The organization is committed to ensuring compliance with international standards set by the Financial Action Task Force’s (FATF) 40 Recommendations on the Prevention of Money Laundering and Countering of Terrorist Financing.

Guidelines for Regulated Entities

As part of its efforts, the FSC has developed Guidelines on AML/CFT/CPF for regulated entities in Jamaica. These guidelines provide general guidance to small businesses and entities operating in the country on:

Prevention and detection of money laundering
Prevention and detection of terrorist financing
Prevention and detection of proliferation financing

The guidelines also offer practical guidance that represents best practice for the development of AML/CFT/CPF procedures, in line with applicable law and international standards.

Consequences of Non-Compliance

Failure to comply with the provisions of the guidelines may lead to:

Enforcement action in the courts
Applicable administrative sanctions

Call to Action

The FSC urges small businesses and entities operating in Jamaica to:

Pay particular attention to the guidelines
Ensure that they implement and maintain compliance regimes to practice the guidance therein
Seek the intervention/assistance of the FSC’s AML Unit whenever the need arises