News-Releases

Alliance Financial Services Limited – Suspension of Authorization to Operate Cambio and Remittance Business and Revocation of Authorization to Operate in the Bank of Jamaica Fintech Regulatory Sandbox

Bank of Jamaica (the Bank) advises that the cambio and remittance operating licences issued to Alliance Financial Services Limited (AFSL) have been suspended, effective 3 December 2021, until further advised. This has become necessary given the charges recently laid by the Financial Investigations Division (FID) on the principals of the company.

AFSL was previously licensed to operate cambios at the following locations:

#PINADDRESS
17977 Belmont Road, Kingston 5, St. Andrew
27981 Manchester Road, Mandeville, Manchester
38001 – 3 Manchester Avenue, May Pen, Clarendon
4820Shop 8 Liguanea Plaza, 134 Old Hope Road, St. Andrew
5830Shop 3B Portmore Mall, Portmore, St. Catherine

Consequent on the suspension, AFSL is no longer authorized to conduct the business of buying and selling foreign exchange.

AFSL is also not authorized to continue offering MoneyGram remittance services. Customers utilizing MoneyGram services may continue to do so at locations operated by the following three MoneyGram primary agents:

  1. Lasco Financial Services Limited;
  2. JN Money Services Limited; and
  3. VMBS Money Transfer Services Limited.

The public is also advised that the authorization granted by the Bank for AFSL to operate in the Bank of Jamaica Fintech Regulatory Sandbox has been revoked effective 3 December 2021.  AFSL is therefore not authorized to operate as a Payment Service Provider. Current holders of the Alliance ePay Card will continue to utilize available balances on their cards, but will not be able to cash-out or top up account balances.

Any queries pertaining to this Notice may be directed to the Bank via electronic mail to afslinfo@boj.org.jm.

Post Author: Editorial Team