COVID-19 Forces Banks to Suspend Distribution of Dividends

BOJ Suspends Alliance Financial Services Cambio Remittance and Revocation Payment Licence

Bank of Jamaica (BOJ) advises that the cambio and remittance operating licences issued to Alliance Financial Services Limited (AFSL) have been suspended, effective 3 December 2021, until further advised.

In a release on Friday, December 3, BOJ said the suspension has become necessary given the charges recently laid by the Financial Investigations Division (FID) on the principals of the company.

Consequent on the suspension, AFSL is no longer authorized to conduct the business of buying and selling foreign exchange.

AFSL is also not authorized to continue offering MoneyGram remittance services. Customers utilizing MoneyGram services may continue to do so at locations operated by the following three MoneyGram primary agents:

  1. Lasco Financial Services Limited;
  2. JN Money Services Limited; and
  3. VMBS Money Transfer Services Limited.

The public is also advised that the authorization granted by the Bank for AFSL to operate in the Bank of Jamaica Fintech Regulatory Sandbox has been revoked effective 3 December 2021.  AFSL is therefore not authorized to operate as a Payment Service Provider. Current holders of the Alliance ePay Card will continue to utilize available balances on their cards, but will not be able to cash-out or top up account balances.

Any queries pertaining to this Notice may be directed to the Bank via electronic mail to [email protected].

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