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Derisking practices linked to change in NCB/JMMB relationship

JMMB Group says the restriction on certain aspects of  its relationship with National Commercial Bank effective July 1 could be tied to ongoing derisking practices. 
 
In a statement to the Financial Report, JMMB indicated that the decision could have resulted from enhanced due diligence and risk monitoring being promoted by overseas banks.
 
The statement noted that overseas banks are pushing for increased electronic transfers and enforcing stricter rules for how they accept foreign currencies from Caribbean-based financial institutions. 
 
It says this has forced their partner financial institutions in the region to review their processes as well.
 
Meanwhile, JMMB says the restriction will not affect any of  its other inter-banking services with NCB .
 
JMMB says the restriction placed on JMMB Bank and JMMB Investments is primarily in relation to the facilitation of  foreign currency cash and third party foreign currency cheque deposits to JMMB's accounts held with NCB.  
 
JMMB also indicated that NCB previously placed limitations on the depositing of  money orders, postal orders and traveler's cheques to JMMB's accounts held with the institution. 


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