Update | BoJ suspends Alliance Financial Services following charges
The Bank of Jamaica (BoJ) has suspended the authorisation of Alliance Financial Services Limited to operate a cambio and remittance business.
The BoJ has also revoked Alliance's authorisation to operate in the Central Bank's Fintech Regulatory Sandbox.
In a release late Friday, the BoJ said the moves have become necessary given the charges by the Financial Investigation Division on the principals of the company.
Alliance Financial's president Peter Chin and vice-president Robert Chin have been charged with breaching the Banking Services Act for accepting deposits without the requisite licence from the BoJ.
Alliance Finance operated cambios at five locations:
- Belmont Road, New Kingston
- Manchester Road, Mandeville
- Manchester Avenue, May Pen
- Liguanea Plaza, St Andrew
- Portmore Mall, St Catherine
The Central Bank says as a result of the suspension, Alliance is no longer authorised to buy or sell foreign exchange.
The company is also not authorised to continue offering MoneyGram remittance services.
With the revocation of authorisation to operate in the BoJ Fintech Regulatory Sandbox, Alliance can also no longer operate as a payment services provider.
Current holders of the Alliance ePay Card will be allowed to continue to use available balances on their cards but will not be able to cash out or top up their account balances, the BoJ said.
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