Country Manual Private Banking
Jamaica
BRP has updated its Country Manual Private Banking for Jamaica out of Bank’s Country of Establishment (DEF, RS, BT & RT)
| Source of changes | Answers |
|---|---|
| Law / Regulation | No |
| New Position of the Authorities | No |
| Evolution of Expert’s Interpretation | Yes |
Regulatory Template, Regulatory Summary and Behaviour Template
Material changes
The Country Manual has been reviewed to ensure that the content of all documents remain accurate and in line with the evolving interpretation of the current legal and regulatory framework.
Based on consultations with our local counsel in Jamaica, the rules regarding local third parties has changed. The approach to onsite activity being very strict, local finders, business introducers and EAMs must now limit their activities to socialising. Even providing contact details of a foreign bank to a prospect is prohibited. The Country Manual presents no other material changes since its last publication.
Non-material changes
Some content has been reworded and regulatory references updated due to the publication of new amendments to laws, without introducing any material changes.
Regulatory Summary
This document has now a more user-friendly layout and reflects the changes contained in the RT.
BT Short Comparison
BRP has created a comparison document allowing users to quickly identify the modifications made compared to the previous version of the PB Manual (BT Short Comparison). The BT Short Comparison can be found on BRP’s platform (mybrponline) in the Search tab by entering in the Document Field “CM PB BT SHORT COMP” and “JAMAICA” in the Target Country Field.
The BT Short Comparison should be read as follows:
The first column contains a short description of the activity in question. The second column contains the answers of the previous version of the Country Manual (online until the day of the alert). The third column contains the new answers of the most recent version of the Country Manual. Only the modified answers are displayed (in color). If the answers in the new version are unchanged compared to the previous version, they are shaded in grey.
For more information, please contact us: info@brpsa.com
Geneva, January 21st, 2025