Supervision of Remittance Services

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:

  • Alliance Financial Services Limited
  • GraceKennedy Remittance Service Limited
  • JMMB Money Transfer Limited (formerly Capital & Credit Remittance Limited)
  • JN Money Services Limited
  • Lasco Financial Services Limited
  • VMBS Money Transfer Services Limited

Status of Remittance Service Licences
Licensing Requirements for Remittance Companies
Remittance_Licence Application Form
Operating Directions for Remittance Companies
List of Remittance Locations as at 31 Jul 18
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
Guidance Notes on the Detection and Prevention of Money Laundering & Terrorist Financing Activities (Revised 2009)
Conducting Business with Financial Institutions Regulated by Bank of Jamaica
What you need to know (Q1 2006 )

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