Business
JAM | Jul 10, 2024

‘BOJ suspension only applies to a small part of Paymaster’s business’ 

/ Our Today

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Logo of Paymaster Jamaica. (Photo: Facebook @PaymasterJaLtd)

Paymaster Jamaica Limited is confirming that it received a notice of suspension of money transfer and remittance licence from the Bank of Jamaica (BOJ) due to a breach of record-keeping requirements. 

The company, in a statement today (July 10), noted that while the suspension took effect last Friday, it only applies to a very small part of  Paymaster’s business – specifically primary agent services supplied to a single overseas provider.

In the meantime, Paymaster disclosed that remittance services to Lasco and JMMB Money Transfer, and its popular bill payment services are unaffected “and as such it is business as usual in this regard”.

The background to this is that, following a system error, Paymaster proactively advised the BOJ of the issue under its statutory obligations and since then, has had ongoing communications with the BOJ.

Despite this, this is the first notification of non-compliance to warrant immediate suspension by the BOJ. 

Exterior view of the Bank of Jamaica on Nethersole Place in downtown Kingston. (Photo: JIS)

“We are of course taking this matter very seriously and are fully committed to understanding and addressing the issues raised by the BOJ. We have notified our Paymaster directors and customers of the situation and will provide updates as appropriate,” read an official statement.

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