BOJ working with banks to reduce fraud

 

The Bank of Jamaica (BOJ) says it continues to take seriously the fraud threats in the financial system.

 

Deputy BOJ Governor Dr. Jide Lewis says the central bank is working with local banking players to implement strategies to reduce fraud. 

 

"There are a couple of initiatives that we're looking to launch in the very near future, including giving guidelines to financial institutions in terms of how they should go about strengthening their cyber frameworks," he said.  

 

"This is, of course, going to be done through a consultative process as we do with all our guidelines. And then once we get through that consultation process, we will be enshrining it into a standard of best practice, which of course has binding obligations on the licensees in terms of their commitment to follow these sets of procedures," the deputy BOJ governor added. 

 

He said the central bank is constantly in touch with the players in the financial market, particularly the banking sector, to help them understand their reponsibility in ensuring that their internal control environment is robust.