BOJ suspends AFSL's cambio and remittance licencesFriday, December 03, 2021
KINGSTON, Jamaica— The Bank of Jamaica (BOJ) says that the cambio and remittance operating licences issued to Alliance Financial Services Limited (AFSL) have been suspended, effective Friday, December 3.
According to the BOJ, this became necessary given the charges recently laid by the Financial Investigations Division (FID) on the principals of the company.
AFSL was previously licensed to operate cambios at the following locations:
· 7 Belmont Road, Kingston 5, St Andrew
· 1 Manchester Road, Mandeville, Manchester
· 3 Manchester Avenue, May Pen, Clarendon
· Shop 8 Liguanea Plaza, 134 Old Hope Road,
· Shop 3B Portmore Mall, Portmore, St Catherine
The BOJ said AFSL is no longer authorised to conduct the business of buying and selling foreign exchange. The company is also not authorised to continue offering MoneyGram remittance services. The central bank said customers utilising MoneyGram services may continue to do so at locations operated by the following three MoneyGram primary agents:
· Lasco Financial Services Limited;
· JN Money Services Limited; and
· VMBS Money Transfer Services Limited.
The BOJ also advised the public that the authorisation granted by the Bank for AFSL to operate in the Bank of Jamaica Fintech Regulatory Sandbox has been revoked effective December 3.
''AFSL is therefore not authorised to operate as a Payment Service Provider. Current holders of the Alliance ePay Card will continue to utilise available balances on their cards, but will not be able to cash-out or top up account balances,'' it said.