Fri | Nov 27, 2015

NCB exit should not affect remittance inflows, says LASCO Financial Services

Published:Thursday | January 9, 2014 | 9:49 AM

Debbie-Ann Wright, News Editor - Radio

KINGSTON, Jamaica:

LASCO Financial Services Limited has declared that remittance flows to Jamaica should not be affected by the recent announcement by the National Commercial Bank (NCB) that it is exiting that line of business.

The company which operates locally as LASCO MoneyGram says remittances are resilient because they are responsive to the needs of families and friends.

Managing Director of the company, Jacinth Hall-Tracey, says remitters have to honour their obligations even after migrating.

She says the bank of Jamaica’s January to September Report, showing a negative zero point five per cent growth for remittance companies, and argues that this is an indication of a mature industry.

Hall Tracey says she expects remittance in 2014 to be, at worst, similar to 2013.

In announcing its exit from the remittance business on Monday, NCB said continued provision of such services is negatively impacting the global risks facing the Group, such as lottery scamming, money laundering and financing of terrorism.

However, Hall-Tracey says all financial institutions face the risk of money laundering and fraud and must put resources in place to monitor, detect and prevent any acts that can bring their organisations into disrepute.

She says as far back as 2010, LASCO MoneyGram closed several Montego Bay locations due to the prevalence of Lottery Scams.

And she says since that time, several steps have been put in place to reduce these illegal activities, with the help of vigilant agents, training, enhanced monitoring systems and policing.

In the meantime, LASCO MoneyGram says Jamaicans accustomed to going to NCB can easily be served by its branches.


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