JMMB has ceased accepting foreign currency as an investment from its clients via National Commercial Bank deposits.
JMMB has infomed its clients that was effective yesterday,
JMMB says based on enhanced due diligence and risk monitoring, overseas banks are promoting electronic transfers and enforcing stricter rules for how they accept foreign currencies.
It adds that this forces financial institutions in the Caribbean to review their processes to prevent disruption.
JMMB is urging its clients to use electronic options to lodge foreign cash to their accounts instead of depositing via other financial institutions.