The Jamaica Financial Services Commission issued a regulatory advisory requiring all regulated entities to assess and strengthen their controls under Jamaica’s Democratic People’s Republic of Korea sanctions regime. Entities must evaluate their exposure to DPRK sanctions and proliferation financing risks, ensure required permits or authorizations are obtained, and maintain controls covering designated persons, prohibited services and commercial activities, freezable assets and applicable insurance restrictions. Firms should screen customers, beneficial owners, counterparties and intermediaries at onboarding and on an ongoing basis, investigate potential matches and retain auditable records of decisions and escalations. Transaction monitoring must identify relevant DPRK-linked activity and possible sanctions evasion, while asset systems must be capable of identifying and restricting potential freezable assets. Boards and senior management are expected to assign responsibility, oversee material risks, maintain current policies, train staff, test controls and remedy weaknesses. The commission may assess governance, risk assessments, screening methods, customer and beneficial ownership information, transaction monitoring, asset controls, training and recordkeeping through its supervisory activities. Connections to Iran or another jurisdiction should be assessed under the applicable legal framework and do not, by themselves, constitute a prohibition under the DPRK regulations.

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