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Table 25. Summary of AML/CFT and Other Requirements for Remittance Companies in Jamaica Licensing or Registration Regime Competent Authority responsible for RSPs Capital/guarantee requirement Required legal structure of MTOs Fit and proper test Experience required of applicants Criminal records of applicants AML Requirements Onsite visits CDD Requirement Threshold (Kick-in) Transaction limit Suspicious transactions reports Thresholds transaction reports Record keeping requirement Sanctions
Fees on entry/Annual Fees
Licensing requirement with an annual renewal Bank of Jamaica The company must have a minimum net worth of US$10,000 or its equivalent in Jamaican dollars. Registered Company (certificate of incorporation) Performed by the BOJ with the FID Not mandatory Checked CDD; reporting requirements (suspicious transactions, threshold reporting); record keeping; compliance regime Bank of Jamaica None None Suspicious transaction reports are expected to be filed regardless of amount. Threshold of US$5,000 or equivalent in any foreign currency Five years Failure to comply with relevant requirements could expose to prosecution under the POCA, the POCA (Money Laundering Prevention) Regulations, 2007 or to prosecution under the Terrorism Prevention Act as well as to regulatory action by the Bank of Jamaica. First Application ■ Application Fee (per Company) US$5,000 ■ Location Fee (applicable to each location) US$200 Renewal of the license ■ Renewal Fee (per Company) US$4,500 ■ Location Fee (applicable to each location) US$200
Restricted Operations. The BOJ prohibits92 remittance companies from effecting transfers conducted by: ■ Card based transfers (in respect of inbound remittance disbursements) ■ Stored value cards for inbound remittance disbursements, that is, where the sender purchases value and the account balance is stored on the card, which can then be used for withdrawals at Automated Teller Machines or for payments at Point of Sale terminals
92. Ibid.