Jamaica’s Central Bank Takes Action Against Bank Fraud, Enhances Detection Tools
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Ensuring Deposit Safety and Stability in Jamaica’s Financial System
In response to recent reports of alleged fraud involving financial institutions in Jamaica, the Bank of Jamaica (BOJ) has issued a statement assuring the public that all deposits in commercial banks and building societies remain safe and secure. The central bank’s regulatory oversight remains rigorous, with a focus on ensuring the soundness and stability of the financial system.
Adequate Capitalization and Liquidation of Deposit-Taking Institutions
According to BOJ, its supervised Deposit-Taking Institutions, including major players such as:
- Bank of Nova Scotia Jamaica Limited
- Citibank, N.A.
- FirstCaribbean International Bank (Jamaica) Limited
- And others
are adequately capitalized and liquid. The central bank has also been working with these institutions to continuously upgrade their internal controls, including the implementation of advanced fraud prevention and detection systems.
Early Detection of Irregular Transactions
In a recent case involving alleged fraud at a commercial bank, BOJ’s stringent internal controls allowed for early detection of irregular transactions, minimizing the risk to the institution’s capitalization. The central bank is committed to monitoring developments in the financial sector closely to ensure the stability of the system.
Strengthening Fraud Detection Capabilities
BOJ notes that maintaining public confidence in Jamaica’s financial system is crucial. To achieve this, the central bank continues to work with all stakeholders to ensure that depositors have access to their funds in a timely and secure manner. The deployment of advanced technological reporting and analytic tools at globally accepted levels is also part of BOJ’s strategy to strengthen its fraud detection capabilities.
Commitment to Ensuring Integrity of Financial System
The Bank of Jamaica remains committed to ensuring the integrity of the financial system, and will continue to work closely with supervised institutions to prevent and detect fraudulent activities.