Anti-money laundering
Also known as: AML, anti-money laundering, money laundering prevention
Anti-money laundering (AML) refers to the body of laws, regulations, and procedures that require businesses, particularly professional services firms, to monitor client activity and report suspicious transactions to the relevant authorities. In Jamaica, AML obligations arise under the Proceeds of Crime Act 2007 and related regulations. Professional services firms subject to AML requirements must carry out customer due diligence, maintain records for a prescribed period, and appoint a Money Laundering Reporting Officer.
DPA reference
Proceeds of Crime Act 2007 (Jamaica)
Related terms in Obligations
Conflict of interest
A situation where a professional's duty to one client may be compromised by duties to another party.
Data breach notification
The legal requirement to report personal data breaches to the OIC within 72 hours.
Data minimisation
The principle that personal data collected should be limited to what is necessary for the stated purpose.
Data protection by design
The obligation to build data protection into systems and processes from the start, not as an afterthought.