Eligibility and requirements for operating an account at the Bank of Jamaica

  1. Only the following institutions can operate an account at BOJ:
    1. Government or Public Bodies
    2. Institutions Licensed under the following legislations:
    1. Institutions designated as Primary Dealers
    2. Regional Central Banks – Must have a Bilateral Agreement with the BOJ
    3. Multilateral Organizations
    4. Cambio Association of Jamaica – For the specific purpose to fund currency orders
    5. Jamaica Money Remitters Association – For the specific purpose to fund currency orders
    6. Jamaica Central Securities Depository – specific purpose of settling Equity Trades and Corporate Bond transactions

  2. Documentation Required for Institutions other than Regional Central Banks & International Organizations
    1. Letter from the institution on their letterhead, requesting the opening of the account, stating the purpose, the currency and the name of the account. This must be signed by senior officers within these institutions vested with this authority e.g. Managing Director, Chairman, CEO, COO, CFO.
    2. For Government Ministries/Departments, this request must be accompanied by a letter from the Financial Secretary authorizing the opening of the account.
    3. Copy of Certificate of Incorporation or Certificate of Registration
    4. Copy of Articles of Incorporation
    5. Copy of licence issued by Regulatory Body if other than the BOJ
    6. Certified copy of valid Tax Compliance Certificate (TCC)
    7. List of names, addresses and nationalities of principal shareholders, directors and management officers including evidence of the identity of the natural persons, that is, the individuals that ultimately own or control the entity.
    8. Institutions Mandate on company’s letter head containing specimen signatures of all officers with access to the account, clearly indicating the officer(s) authorised to change the mandate.

  3. Capital Requirement
    1. Financial Institutions licensed in Jamaica must have a minimum capital equivalent to One Million United States Dollars (US$1 million).

  4. Agreements to be signed
    1. Account Agreement
    2. Electronic Instructions Authorization and Indemnity Agreement