Supervision of Cambios

The BOJ has supervisory and licensing authority over Cambios (foreign exchange Traders) and Bureaux de Change. 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 licencee.

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 29 Feb 12
  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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