Conflict of interest
Also known as: COI, conflict check
A conflict of interest arises when a professional services firm's ability to act in the best interests of one client is, or could be, compromised by its obligations to another client, its own interests, or those of a connected party. Professional regulators in Jamaica require firms to identify, disclose, and manage conflicts of interest. Failure to do so can result in disciplinary action and liability to the affected client.
Related terms in Obligations
Anti-money laundering
Legal obligations requiring firms to detect and report financial crime.
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.