Cambio and remittance operations blocked

Following the dramatic news that Alliance Financial Services Limited (AFSL), headed by brothers Peter and Robert Chin, is to be charged for irregularities by the Financial Investigations Division (FID), the Bank of Jamaica has moved to suspend its licences to operate a cambio and remittance business.

The Central Bank issued a release this afternoon that read: “Bank of Jamaica advises that the cambio and remittance operating licences issued to Alliance Financial Services have been suspended effective December 3, 2021 until further advised.

“This has become necessary given the charges recently laid by the FID at the principals of the company. Consequently, on the suspension, AFSL is no longer authorised to conduct the business of buying and selling foreign exchange. AFSL is also not authorised to continue offering MoneyGram remittance services.”

The Chins will be represented in court by experienced criminal attorney, Queen’s Counsel Tom Tavares-Finson, who is reported to have said on the matter “Alliance Financial Services Limited remains committed to resolving this matter amicably via the court and ensuring that justice prevails. They will therefore limit comment until the relevant procedures are engaged.”

Both Robert and Peter Chin are expected to appear before the court on December 16 to answer charges related to a number of deposits made between 2014 to 2017 said to be in the US$8 million range.

A financial services player, speaking with Our Today under the condition of anonymity, commented: “This may very well be a case of what is regarded as common practice by the smaller finance houses in Jamaica. This being said you should always dot the i’s and cross the t’s. I have known both Peter and Bobby Chin for years and they run a good shop. I do hope this is nothing too serious.”

In 2004, AFSL was strategically formed to take over the cambio services business that was then being operated by Alliance Investments Management Limited. During that year, AFSL was also appointed as a primary agent of MoneyGram Payment Systems Inc. During its 16 years of operations, the company has grown to become a notable provider of cambio and remittance services in Jamaica.

The company is headquartered on Belmont Road in St Andrew.