NOTIFICATION TO CAMBIOS & REMITTANCE COMPANIES

‘Fit and Proper’ Criteria for Operators

Please read this notification through in its entirety.

  1. Bank of Jamaica (the Bank) has the responsibility to regulate and supervise the operations of Cambios and Remittance Companies in Jamaica pursuant to section 22B(1) and 22G of the Bank of Jamaica Act (the Bank). The criteria for the approval of operations include a consideration of Operators’ or Applicants’ fitness and propriety.
  2. For the purposes of this Notice, “Operators” shall include:
    1. Each director & relevant shareholder1 (holding or exercising rights attaching to 10% or more of the shares of the company/applicant, whether such rights are held solely by an individual or jointly with another person).
    2. Each director and relevant shareholder of the Agent, where the service is to be offered via an agency arrangement.
    3. The Compliance Officer of the cambio or remittance company (the entity).
    4. The Officer with direct responsibility for the overall management of the operation of the entity (including overseeing operations of sub-agents).
    5. The manager of each location/service point from which the entity operates (branch or sub-agent locations).
  3. The application of the ‘fit and proper’ criteria shall be an ongoing process and shall be in effect throughout the term of the operations of the entity.
  4. All Operators are subject to ‘fit and proper’ assessment prior to initial licensing as well as under the Bank’s 7-year review policy.
  5. Approvals shall, therefore, not be granted to any company unless the Operators are deemed to be ‘fit and proper’ for that purpose. Similarly, the Bank shall not renew the Approval of any Operator unless the Operator meets the ‘fit and proper’ criteria specified herein. To meet the ‘fit and proper’ criteria, Operators must be persons who:
    1. have not provided any false or misleading information to the Bank on the Questionnaire for Assessment of Operators of Cambios and Remittance Companies Under the fit and proper Criteria (Questionnaire), or in any other document or correspondence, submitted pursuant to the ‘fit and proper’ due diligence process.
    2. have declared all information as required by the Questionnaire,
    3. have not been convicted of any crime involving dishonesty,
    4. are confirmed by the Police, as having satisfactory records,
    5. are confirmed as having satisfactory clearance from the Financial Investigations Division (FID) of the Ministry of Finance & the Public Service. The process of obtaining the relevant clearance involves the payment of a fee
    6. in the opinion of the Bank are persons of sound probity, and are able to exercise the required level of competence, diligence, and sound judgement in fulfilling their responsibilities as Cambio or Remittance Operators; and who do not constitute a threat to good order in the foreign exchange market and payment systems; and for the purposes of this paragraph, the Bank may have regard to any evidence that the Operator has: –
      1. engaged in previous business or financial practices which appear to the Bank to be deceitful or oppressive or otherwise impr