Latest: Business

NCB to exit remittance business

Published: Monday January 6, 2014 | 3:46 pm Comments 0
The Atrium, headquarters of National Commercial Bank Jamaica. – File
The Atrium, headquarters of National Commercial Bank Jamaica. – File

National Commercial Bank (NCB) Jamaica has decided to exit the remittance business to mitigate against the risk of money laundering, financing of terrorism and lottery scam activities.

As a result, the Bank said that by mutual agreement, effective January 22 it will be cancelling its existing agent relationship with MoneyGram Services for NCB Remittance Services (UK) Limited, and March 31 for NCB Remittances Services (Jamaica) Limited.

In a release today, NCB said the decision was made because its continued provision of remittance services has negatively impacted the global risks facing the group.

“This decision was taken after further review of our business models across the NCB group as we aim to ensure that we employ a solid corporate governance structure and operate within a robust compliance framework,” the release said.

It added that the move will also affect the operations of NCB Remittance Services (UK) Limited as effective January 22 the company will cease all other forms of remittances, except for the remittance of pension payments.

“We thank our customers for their business and anticipate that they will appreciate and support the action taken,” NCB said.

FOR MORE STORIES WATCH:


Like our new Facebook page:
Gleaner Jamaica

Follow us on Twitter:
@JamaicaGleaner

Email: business@gleanerjm.com

Share |

The comments on this page do not necessarily reflect the views of The Gleaner.
The Gleaner reserves the right not to publish comments that may be deemed libelous, derogatory or indecent. Please keep comments short and precise. A maximum of 8 sentences should be the target. Longer responses/comments should be sent to "Letters of the Editor" using the feedback form provided.
blog comments powered by Disqus

Related Stories

Videos

<

Top Jobs

View all Jobs