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Cambios remain committed to customers despite NCB split

Published:Monday | October 14, 2013 | 5:51 PM

KINGSTON, Jamaica:

The Cambio Association of Jamaica says cambios are open for business in spite of National Commercial Bank's (NCB) decision to end its relationship with the financial institutions in the next three months.

In Jamaica, it is mandatory for cambios to hold a bank account in order to transact business.

Executive member of the Cambio Association of Jamaica, Richard Blake, said provisions are being made at other financial institutions to ensure members remain compliant with the Bank of Jamaica and the Financial Investigations Division of the Ministry of Finance and Planning.

It is not clear how many cambios will be affected.

Blake insists that members of the association are legitimate and remain committed to providing the public with foreign exchange services in a hassle-free and safe environment.

In an announcement last Friday, NCB said it took the decision to sever ties as cambios are often exposed to money laundering and terrorist financing and the extensive effort required to manage associated risks.

NCB also said its services to cambios have been challenged by foreign banks on which it relies to facilitate international and foreign currency transactions.


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