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 Financial Markets Infrastructure 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 28 February 2021 | |
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 Prevention Of Money Laundering And Countering The Financing Of Terrorism, Proliferation And Managing Related Risks (Finalised 2017 Gazzetted 2018) | |
Conducting Business with Financial Institutions Regulated by Bank of Jamaica | |
What you need to know (Q1 2006 ) | |
Consultative Document on Proposed Amendments to Bank of Jamaica Act (BOJA) | |
Proposed Amendments to Bank of Jamaica Act (BOJA) |
setting interest rates to keep inflation low
contributing to a stable financial system
controlling our currency
The Bank of Jamaica, established by the Bank of Jamaica Law (1960), began operations in May 1961, terminating the Currency Board System which had been in existence from 1939.
The Central Bank stands at the center of the local financial system and is charged with the responsibility to promote and maintain financial system stability. To achieve this objective, the Bank supervises the activities of deposit-taking entities. In addition, the Bank seeks to promote the development of the local financial markets, and regulates and supports the major clearing and settlement systems.
Under the Bank of Jamaica Act (1960), the conduct of monetary policy is aimed at regulating the growth of money and credit in line with the resources expected to finance economic activity and generate employment, without undermining the conditions of price stability.
The Foreign Exchange section provides current and historical information on the movements of major currencies in relation to the Jamaican dollar. The section also provides powerful search techniques for users to manipulate the data and generate customize reports.
Under the Bank of Jamaica Act, the central bank has sole authority for the issue of notes and coins used in Jamaica..
The Bank of Jamaica publishes in the daily newspaper each quarter, balance sheet data for commercial banks, building societies and licensees under the Financial Institutions Act . Such financial data is based on unaudited prudential returns submitted by the licensees to the Bank of Jamaica which are required to be certified by the licensee 's management as reflecting a true and fair representation of the affairs and condition of the institution at the reporting date.
The Bank of Jamaica is committed to providing information on its activities on a timely and continuous basis. In this regard, this section is designed to provide access to all major releases compiled by the Bank of Jamaica.
The Bank of Jamaica publications are aimed at providing quality economic and financial analysis and information on Jamaica as well as timely updates on matters relating directly to the functions of the Bank.