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Jamaica Regulatory Overview
Last modified: 2010-12-21
Abstract
Executive Summary of Mobile Money Recommendations
1.It is possible to have a mobile payments sector and ensure high AML/CFT standards
2.If mobile payments are to be launched prudently, the following regulatory foci will allow a successful trajectory:
- Define e-money and regulate its issuance and transfer
- Further support a practice of dynamic AML/CFT and fraud modeling
- Support the development of proportional approaches to KYC/CFT
- Articulate which entities will enable banks to expand their account opening and/or transactional reach
- Ensure that relevant consumer regulations are amended to enable consumer recourse and litigation
- Develop a protocol for coordinating the activities of all regulators
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