BOJ Maintains Decision to Suspend Alliance Investment Management Limited (AIML)

• In its recent statement, the Bank of Jamaica (BOJ) defends its actions taken in December 2021 to suspend the cambio and remittance operating licence of then Alliance Financial Services Limited (AFSL), an Alliance Investment Management Limited (AIML) - affiliated company. This notice comes following the Court’s ruling to dismiss the Bank’s charges against AIML.
• In addition to the suspension, the BOJ’s actions included the revocation of the authorisation granted to AFSL to operate in the Bank of Jamaica Fintech Regulatory Sandbox as a payment service provider, effective 3 December 2021.
• As stated at the time, the Bank says regulatory actions became necessary after the Financial Investigations Division (FID) charged AFSL’s principals and two AFSL-affiliated companies at the time (AIML and Alliance Finance Limited (AFL)) with several offenses under the Bank of Jamaica Act and the Banking Services Act.
• Bank of Jamaica maintains that its actions were necessary as the allegations at the time threatened the good order in the foreign exchange market and payment systems as well as the reputation and good standing of the Jamaican financial system internationally.
• It further noted that Alliance’s divestment of business was a strategy and activity pursued by the principals of Alliance as their own business decision and that the Bank of Jamaica had no part in that decision or transaction.

(Source: BOJ)