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JMMB Group Unveils Strengthened Anti-Money Laundering Policy to Combat Financial Crimes

Introduction

The Jamaica Money Market Brokers (JMMB) Group has launched a robust anti-money laundering (AML) and know-your-customer (KYC) policy aimed at preventing and detecting money laundering activities.

Key Components of the Policy

• The policy outlines the roles and responsibilities of various stakeholders within the organization, including:
  • Board of Directors
  • Committees of the Board
  • Senior Management
  • Risk, Culture and Human Development Team (CHDT)
  • Compliance Department
• The ultimate responsibility for compliance with the AML/CFT Policy lies with the Board of Directors, which has delegated oversight to the Audit Committee.
• Senior Management is responsible for ensuring that a strong culture of AML compliance is upheld across all business and support units, including subsidiaries.

Implementation and Monitoring

• Each unit must take ownership of implementing the AML policy by integrating applicable components into their operations and taking corrective actions when breaches are identified.
• The CHDT plays a critical role in promoting a culture of compliance within the organization by:
  • Applying disciplinary action to team members who fail to comply with AML laws or regulations
  • Implementing a comprehensive screening process for new hires

Compliance Department Responsibilities

• Provides company-wide oversight and support to ensure that all business units establish and implement procedures for compliance with applicable AML laws and regulations.
• Responsible for evaluating laws and regulations to determine their applicability to JMMB and its subsidiaries.

Key Takeaways

• The JMMB Group has implemented a robust AML/CFT policy to prevent and detect money laundering activities.
• The Board of Directors is responsible for compliance with the AML/CFT Policy, while Senior Management ensures a strong culture of AML compliance across all business units.
• The Compliance Department provides company-wide oversight and support to ensure compliance with AML laws and regulations.
• The CHDT promotes a culture of compliance within the organization by applying disciplinary action and implementing a comprehensive screening process.

Contact

For more information on JMMB’s AML/CFT policy, please contact [insert contact details].