Jamaica: The Financial Institutions Act

This document provides a regulatory framework for establishing a financial institution in Jamaica. It is organized under different sections and discusses in detail the following aspects related to the financial institutions:

• Process for obtaining licenses and conditions for granting or refusing a license;
• Minimum capital requirements and maintenance of the reserve fund;
• Restrictions on the deposit taking business;
• Minimum requirements for cash reserves and liquid assets;
• The returns and accounts to be furnished by the institutions;
• Conditions for regulation and control of licensees.

Further, the document:

• Elucidates the regulations against risky practices;
• Clarifies the functions of the supervisory department, enlisting the conditions under which they can examine licensees;
• Provides regulations for amalgamation and transfers.

The document concludes with the general regulations concerned with unclaimed money, effect of transfer and vesting order, transfer of trust business, secrecy of licensee officials and on vesting of assets on sale of licensee.