NCB further reduces operational risks
04 Jan 2014
National Commercial Bank Jamaica Limited's (NCB) continued provision of remittance services has negatively impacted the global risks facing the Group. NCB currently offers remittance services through its subsidiaries, NCB Remittance Services (Jamaica) Limited (NCBRSJ) and NCB Remittance Services, (UK) Limited (NCBRSUK). To further mitigate against these risks, which include money laundering, financing of terrorism and lottery scam activities, NCB has taken the decision to exit the local remittance business. 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. We have therefore come to a mutual agreement to cancel existing agent relationships with MoneyGram Services, effective January 22, 2014 for NCBRSUK and March 31, 2014 NCBRSJ. This decision will also affect the operations of NCB Remittance Services, (UK) Limited as effective January 22, 2014 NCBRSUK will cease all other forms of remittances, save and 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
