Under the new microcredit regime, operators of microfinance companies will have to disclose their beneficial ownership. Not disclosing beneficial ownership will attract penalties and may result in the revocation of the licence. The Data Protection Act, DPA, was passed in June 2020; it’s intended to safeguard the privacy and personal information of Jamaicans by providing guidelines on how personal data should be collected, stored and used. The DPA gives more power to the Consumer and Data Protection Commission, which will have an impact on company-customer relations, and oversight of businesses under the new act.
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