Bank of Jamaica (BOJ) has supervisory and licensing authority over Exchange Bureaux (Cambios). By way of delegated authority, the Minister of Finance and the Public Service on the 21st day of February 1994 delegated authority to Bank of Jamaica pursuant to Section 22B (6) of the Bank of Jamaica Act.  Cambios are licensed by Bank of Jamaica to buy and sell foreign currency.

Supervision is conducted by the Financial Markets Infrastructure Division (FMID), through on-site inspection and in-house monitoring of the operations of the entities to ensure compliance with the BOJ’s Operating Directions for Cambio Operators and adherence to Anti-Money Laundering/Counter-Financing of Terrorism/Counter-Proliferation Financing legislation.

Applicants for licences are subject to the Bank’s Fit and Proper criteria, which is conducted for majority shareholders (holding 10 per cent or more of the shares), the directors, the compliance officer and officers responsible for the management of each cambio location. This is an on-going process that is conducted as a condition for licensing new cambios and for retaining the licence for existing cambios.

Requirements for Cambio Licences