JUST THREE months after it withdrew the licences of several cambios across the island, the Bank of Jamaica (BoJ) has advised that another cambio in the tourist resort of Montego Bay has been ordered to cease operation for non-compliance.The central bank said Seaco Cambio at 14 St. James Street, Montego Bay, was no longer authorised to operate a cambio, but would also say it was not compliant with the regulations.
In May, the BoJ named several companies whose licences it revoked for failure to comply with certain operating guidelines set by the BoJ's Cambio Department.
Among the companies it listed then were Paymaster at the Marketplace on Constant Spring Road, Super Plus Food Store at 2 Park Crescent in Mandeville, Western Bakery Ltd in May Pen, Fair Exchange Ltd at 2 Auburn Terrace in Kingston and Triple Super Save Cambio in Brown's Town.
At the time, the BoJ said some hotels were also told to operate bureaux de change services only. They were the Negril Inn Hotel, Club Caribbean Hotel in Runaway Bay, Swept Away Hotel in Negril and the Half Moon Bay Shopping Village location in St James.
Cambios primarily buy and sell foreign currency at will. Sums of up to US$250,000 can be drawn on cheques and drafts and US$10,000 in cash. Bureaux de change services essentially facilitate transactions in the hotel sector, with transactions of up to US$10,000.
