Bank of Jamaica (BOJ) has supervisory and licensing authority over Money Transfer and Remittance Agents and Agencies (Remittance Companies). By way of delegated authority, the Minister of Finance and the Public Service on the 11th day of February 2005 delegated authority to Bank of Jamaica pursuant to Section 22B (6) of the Bank of Jamaica Act.
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 Remittance Companies 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 remittance location. This is an on-going process that is conducted as a condition for licensing new remittance agents or agencies and for retaining the licence for existing remittance agents or agencies.
The following comprises the current listing of companies that have been granted approval by 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
- JN Money Services Limited
- Lasco Financial Services Limited
- Paymaster (Jamaica) Limited
- VMBS Money Transfer Services Limited
Requirements for Remittance Service Licences