Paymaster: Lasco & JMMB Money Transfer Not Affected by Suspended Licenses

Paymaster Jamaica Limited has confirmed that it has received a notice of suspension of its money transfer and remittance licence from the Bank of Jamaica, BOJ.

The suspension was announced by the BOJ on Wednesday. The BOJ says the suspension took effect on July 5.

It says the move is due to a breach of Paymaster’s record keeping requirements.

The BOJ says Paymaster will not be able to operate as a primary agent from nineteen locations across the island, until further notice.

According to the BOJ, Paymaster can, however, continue to operate as a sub-agent of six other primary agents.

In a follow up, Paymaster says the suspension only applies to its primary agent services supplied to a single overseas provider.

Paymaster says its remittance services to Lasco and JMMB Money Transfer, along with its bill payment services, remain unaffected.

Paymaster noted that it proactively advised the BOJ of a system error in accordance with its statutory obligations.

The company says it has since been in active communication with the BOJ.

Despite this, Paymaster says the BOJ’s announcement of the suspension is the first notification it has received of non-compliance.

Paymaster says it’s taking the matter seriously and remains committed to addressing the issue.