The Jamaica Financial Services Commission has issued an advisory directing securities licensees and registrants to reflect the findings of Jamaica’s third National Risk Assessment in their anti-money laundering, counter financing of terrorism and counter proliferation financing frameworks. The assessment raised the sector’s money laundering risk from medium to medium high, driven primarily by increased threats identified through intelligence and law enforcement information, while the sector’s vulnerability rating remained broadly stable at medium. The main threats involve unlicensed or rogue securities operators, Ponzi-type schemes, cyber-enabled fraud, online scams and fraudulent investment activity linked to foreign exchange or cryptocurrency trading. Firms should update institutional risk assessments, strengthen customer and beneficial ownership checks where warranted, apply enhanced due diligence to higher-risk relationships and ensure monitoring detects unusual subscriptions, redemptions, transfers and third-party funding. They must also control business conducted through digital channels, screen customers and counterparties against public warnings, report suspected criminal property to the Financial Investigations Division within the statutory timeframe and train staff on the identified typologies. Updated institutional risk assessments must receive board approval. The commission will assess implementation during supervisory engagements and may require evidence that firms have completed the updates.

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