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Jamaica Banking Sector Rocked by Fraud Allegations

The Bank of Jamaica (BOJ) has sounded a warning bell over recent reports of alleged fraud involving financial institutions in the country. The central bank is deeply concerned about these developments and their potential to erode confidence in Jamaica’s financial system.

Depositors’ Safety Ensured

Despite these concerns, the BOJ reassures depositors that the commercial banks, building societies, and merchant banks under its supervision remain adequately capitalized and liquid, with all deposits remaining safe and secure. The central bank has been keeping a close eye on its supervised institutions:

• Bank of Nova Scotia Jamaica Limited
• Citibank, N.A.
• FirstCaribbean International Bank (Jamaica) Limited
• First Global Bank Limited
• JMMB Bank (Jamaica) Limited
• JN Bank Limited
• National Commercial Bank Jamaica Limited
• Sagicor Bank Jamaica Limited
• Scotia Jamaica Building Society
• Victoria Mutual Building Society
• Cornerstone Trust & Merchant Bank Limited

Strengthening Internal Controls

The BOJ notes that these institutions are required by law to maintain accurate records of their assets and liabilities on their balance sheets. To ensure the integrity of these financial institutions, the central bank is working closely with them to strengthen internal controls, including:

• Fraud prevention systems
• Early detection systems

Monitoring the Financial Sector

The BOJ continues to monitor the financial sector closely, working tirelessly to ensure the soundness and stability of the system. The central bank recognizes that maintaining confidence in the banking system is crucial, as depositors need to be assured that their funds are:

• Safe and secure
• Accessible in a timely manner