Jamaica’s Financial Fraud Epidemic: What You Need to Know

Background

The Bank of Jamaica has issued a statement addressing recent reports of alleged fraud involving financial institutions, sparking concerns about the potential impact on public confidence in the country’s financial system.

Regulatory Oversight

According to BOJ officials, their ongoing regulatory oversight is rigorous and targeted at institutions such as:

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

These financial institutions are required by law to maintain accurate records of their assets and liabilities on their balance sheets.

Strengthening Internal Controls

In a bid to strengthen internal controls and prevent fraud, the BOJ is working closely with these supervised institutions to:

• Upgrade and enhance their systems
• Deploy advanced technological reporting and analytic tools at globally accepted levels

In one recent case of alleged fraud, the BOJ’s stringent internal control measures allowed for early detection of irregular transactions and minimized risk.

Ongoing Monitoring

The central bank has pledged to continue monitoring developments in the financial sector closely, ensuring the soundness and stability of the system. A strong and resilient financial system relies on public confidence that:

• Funds are safe and secure
• Can be accessed in a timely manner

To maintain this confidence, the BOJ is working closely with all stakeholders, including:

• Financial institutions
• Regulators
• Law enforcement agencies

Commitment to Safeguarding the Financial System

As Jamaica’s financial fraud epidemic continues to unfold, the Bank of Jamaica remains committed to safeguarding the country’s financial system and maintaining public trust in its integrity.