Supervision of Cambios

Bank of Jamaica has supervisory and licensing authority over cambios (foreign exchange traders) and Bureaux de Change. This authority was delegated to Bank of Jamaica by the Minister of Finance and the Public Service pursuant to the powers conferred by now Section 22B(6) of the Bank of Jamaica Act by way of an instrument of delegation dated the 21st day of February 1994. This supervision is conducted by the Central Bank's Banking and Market Operations Division through on-site inspection and in-house monitoring of their operations to ensure compliance with the BOJ Operating Directions and adherence to the money laundering regulations of the Proceeds of Crime Act (POCA). Prospective applicants are processed under the enhanced Fit and Proper criteria, which is conducted for directors, shareholders with a holding of 10 percent or more and managers of the respective cambios. This is an on-going process that is conducted when new cambios are approved or when there is a change in the relevant personnel or status of an existing licensee.

Status of Cambio Licences
  Requirements for Licence to Operate a Cambio in Jamaica
  Operating Directions for Cambios
  Application Form for Cambio Licence
  List of Cambio Operators as at 31 Aug 18
  Notification to Cambios -'Fit and proper' Criteria for Operators and 'Fit and Proper' Questionnaire
Guidance Notes for the Prevention and Detection of Money Laundering and Terrorist Financing Activities
  Guidance Notes on the Detection and Prevention of Money Laundering & Terrorist Financing Activities (Revised 2009)
Conducting Business with Financial Institutions Regulated by Bank of Jamaica
  What you need to know (Q1 2006 )

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