Financial Crime World

Jamaica’s OCC Cracks Down on Fraud Detection in Banking

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The Office of Consumer Complaints (OCC), a department within the Financial Institutions Supervisory Division, is taking a stern approach to fraud detection in Jamaica’s banking sector. The OCC’s mandate is to ensure compliance with The Banking Services (Deposit Taking Institutions) (Customer Related Matters) Code of Conduct, 2016.

Code of Conduct

The code, which took effect on August 30, 2017, after a twelve-month transition period, is applicable to deposit taking institutions licensed under the Banking Services Act. These institutions include commercial banks, merchant banks, and building societies. The code establishes minimum standards of good banking practice for these institutions when dealing with their customers.

Requirements for Deposit Taking Institutions

To combat fraud, the OCC requires DTIs to:

  • Disclose information on fees, charges, terms, and conditions of contracts prior to acquiring or using a product or service
  • Notify customers of changes thereto in a timely manner
  • Provide access to account information at a reasonable cost
  • Establish mechanisms for recording and addressing customer complaints within prescribed timeframes
  • Provide monthly written statements of accounts

Customer Education Initiatives

In an effort to educate customers on their rights and responsibilities, the OCC has launched several initiatives. The “What you need to know” section provides customers with essential information on banking services, including tips on avoiding fraud and how to report suspicious activities.

The OCC also encourages customers to report any complaints or concerns they may have regarding their bank accounts. With multiple contact options available, including a phone number (876-922-0750 | 876-932-4116), the OCC is committed to providing support and ensuring that customer grievances are addressed promptly and fairly.

Conclusion

As Jamaica’s banking sector continues to evolve, the OCC remains vigilant in its efforts to detect and prevent fraud, ensuring that customers have a safe and secure experience when conducting financial transactions. By promoting transparency and accountability, the OCC aims to build trust between banks and their customers, ultimately driving growth and development in Jamaica’s economy.