Jamaica’s Financial Sector on High Alert as Fraudulent Activities Emerge

The Bank of Jamaica (BOJ) has taken notice of recent reports of alleged fraud involving financial institutions in the island, sparking concerns about the potential impact on public confidence in the country’s financial system.

BOJ Assures Public of Depositors’ Safety

Despite these developments, BOJ is assuring the public that supervised deposit-taking institutions, including commercial banks and building societies, remain adequately capitalized and liquid. Depositors can rest assured that their funds are safe and secure.

Regulatory Oversight Remains Rigorous

BOJ’s regulatory oversight of these institutions remains rigorous, with a focus on ensuring compliance with laws and regulations. Supervised institutions, which include major players such as:

• Bank of Nova Scotia Jamaica Limited
• Citibank, N.A.
• FirstCaribbean International Bank (Jamaica) Limited
• Others

are required to maintain accurate records of their assets and liabilities.

Strengthening Internal Controls

The central bank is working closely with these institutions to strengthen their internal controls, including:

• Fraud prevention systems
• Early detection systems

In one recent case, BOJ’s strict regulations helped identify irregular transactions and minimize potential losses at a commercial bank.

Maintaining Public Confidence

BOJ continues to monitor the financial sector closely, ensuring the soundness and stability of the system. A key factor in achieving this goal is maintaining public confidence, which relies on knowing that funds are safe and accessible when needed. The central bank remains committed to working with all stakeholders to preserve this confidence.

By doing so, BOJ aims to ensure that Jamaica’s financial sector remains robust, trustworthy, and responsive to the needs of its citizens.