Legislation to regulate Money Transfer and Remittance Agents and Agencies, by way of an amendment to the Bank of Jamaica Act, was passed in parliament in February 2004 and the regulatory regime came into effect on 5 July 2005. This regulatory regime is one of several measures, which Jamaica was required to implement in order to fulfill its international obligations to combat money laundering and the financing of terrorism.
Under the Bank of Jamaica Act, entities are required to obtain the approval of the Minister of Finance and the Public Service to engage in the business of remittance and money transfer services and entities licensed to operate such businesses are required to do so in accordance with directions of the Minister. Bank of Jamaica has supervisory and licensing authority over money transfers and remittance agencies through the delegation of such authority by the Minister of Finance and the Public Service by instrument of delegation dated 11th February 2005 granted pursuant to Section 22B(6) of the Bank of Jamaica Act.
The following comprises the current listing of companies that have been granted approval by the Bank of Jamaica, acting on behalf of the Minister of Finance and the Public Service, to engage in the operation of remittance businesses in Jamaica as Primary Agents:
Status of Remittance Service Licences | |
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Licensing Requirements for Remittance Companies |
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Remittance_Licence Application Form |
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Operating Directions for Remittance Companies |
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List of Remittance Locations as at 31 March 2021 |
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Notification to Remittance Companies - 'Fit and proper' Criteria for Operators and 'Fit and Proper' Questionnaire |
Guidance Notes for the Prevention and Detection of Money Laundering and Terrorist Financing Activities | |
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Guidance Notes On The Prevention Of Money Laundering And Countering The Financing Of Terrorism, Proliferation And Managing Related Risks (Finalised 2017 Gazzetted 2018) |
Conducting Business with Financial Institutions Regulated by Bank of Jamaica | |
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What you need to know (Q1 2006 ) |
Consultative Document on Proposed Amendments to Bank of Jamaica Act (BOJA) | |
Proposed Amendments to Bank of Jamaica Act (BOJA) |
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The Bank of Jamaica, established by the Bank of Jamaica Law (1960), began operations in May 1961, terminating the Currency Board System which had been in existence from 1939.
The Central Bank stands at the center of the local financial system and is charged with the responsibility to promote and maintain financial system stability. To achieve this objective, the Bank supervises the activities of deposit-taking entities. In addition, the Bank seeks to promote the development of the local financial markets, and regulates and supports the major clearing and settlement systems.
Under the Bank of Jamaica Act (1960), the conduct of monetary policy is aimed at regulating the growth of money and credit in line with the resources expected to finance economic activity and generate employment, without undermining the conditions of price stability.
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The Bank of Jamaica publishes in the daily newspaper each quarter, balance sheet data for commercial banks, building societies and licensees under the Financial Institutions Act . Such financial data is based on unaudited prudential returns submitted by the licensees to the Bank of Jamaica which are required to be certified by the licensee 's management as reflecting a true and fair representation of the affairs and condition of the institution at the reporting date.
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