Summary
This document is a guide on the Anti Money Laundering (AML) and Know Your Customer (KYC) regulations in Jamaica, specifically focusing on identity verification requirements. It outlines the legislative framework established by the Proceeds of Crime Act, which mandates organizations to implement a risk-based AML framework that includes customer due diligence (CDD) measures and record-keeping. The document details the necessary ID attributes required for identifying individuals and describes compliant CDD methods that can be employed by organizations. It also specifies the documents required for verification, including valid passports, driver's licenses, and utility bills for proof of identity and address. Additionally, the guide discusses the timing of verification processes and the importance of conducting identity verification in various scenarios, particularly when onboarding new customers or dealing with high-risk situations. Furthermore, it addresses the reliance on external services and the obligation to retain records for a minimum of seven years as part of compliance with Jamaican regulations.
