Author: Dayton Outar
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Jamaica Is Digitalizing but Not Yet Integrated
Jamaica has set a clear direction to become a more digital society. Initiatives such as the National Identification System (NIDS), the expansion of digital payments (JAM-DEX), and broader access to internet services all point toward a future where identity, transactions, and public services are increasingly digitized. The intent is clear, and progress is underway. Becoming…
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Jamaica’s Digital Identity Ambition Meets Data Protection Reality
A few years ago, I attended a meeting at the Office of the Prime Minister of Jamaica where representatives from financial institutions were invited to learn about the proposed National Identification System (NIDS). I was there representing a bank within a Jamaican financial group. The presentation outlined how the system would allow banks and other…
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Privacy vs Compliance: Why GDPR and AML Laws Seem to Clash in Banking
When I first heard about the General Data Protection Regulation (GDPR), I did not receive it warmly. From the perspective of someone working inside a financial institution, the idea that a customer could ask for personal data to be removed sounded unrealistic. Banks are not casual data collectors. They operate under strict legal and regulatory…
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Why Data Protection Is Reshaping Financial Systems
As digital identity systems and privacy laws expand, financial institutions are facing a new operational reality. Compliance is no longer just a legal exercise. It is becoming a technology problem. In Jamaica, financial institutions must operate within several regulatory frameworks at the same time. Anti-money-laundering rules under the Proceeds of Crime Act require banks and…
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How the Bank of Jamaica Sets Interest Rates to Control Inflation
Jamaica targets an inflation range of 4% to 6%. This allows flexibility because the economy is highly exposed to external shocks, such as volatile oil prices, global economic changes, and weather events like hurricanes or droughts. There are three main channels that the Bank of Jamaica uses to control inflation, as explained in Monetary Transmission…