December 6, 2021

JNMS seeks Cayman Islands Monetary Authority to re-implement CI$

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bSeriesJN Money Services Cayman Limited (JNMS) has revealed that it is has written to the Cayman Islands Monetary Authority (CIMA) to facilitate the company to, once again, offer transactions in Cayman Islands (CI) dollars to its customers in Cayman.

Leesa Kow, Managing Director, JNMS says the company says it has requested the Authority’s support to be able to exchange CI dollars for US dollars.

“We made a similar request of CIMA in August, prior to implementing US dollar-only transactions; however, they did not accommodate the request at that time. Following a deeper reading of The Cayman Islands’ laws, we have again written to them and anticipate a positive outcome,” Miss Kow disclosed.

She says the company intends to engage CIMA in talks when it meets with representatives in George Town tomorrow, Friday, November 27; and, the company anticipates that it will be able to, once again, offer services for customers in CI dollars by Monday, November 30.

“While this solution will not solve all of JNMS’s problems, it will certainly allow persons in Cayman to benefit from the choice to remit funds to family and friends overseas,” Miss Kow explained.

JNMS was forced to implement US-dollar only transactions in August to maintain services in Cayman, following the closure of its account with Cayman National Bank.

Fully-owned by the Jamaican-based JN Money Services Limited, JNMS operates the only Jamaican remittance brand, JN Money Transfer, and is an Agent of MoneyGram. The company, which is the second largest remitter to Jamaica, has more than 27 years experience in international money transfers, pioneering the formal remittance trade to Jamaica in 1988.

The remittance company received its licence to conduct services from The Cayman Islands in 2002 and remains the dominant remitter from Cayman to Jamaica; as well as, from Cayman to the Philippines, through a partnership with the Filipino brand G-CASH Money Transfer. Its partnership with MoneyGram facilitates remittances between the Cayman Islands and over 200 countries worldwide.

Currently, JNMS operates two money transfer branches in The Cayman Islands and, hasa network of nine Agents..

“We continue to maintain and strengthen a very robust Anti-money Laundering/ Compliance programme, which seeks to protect our business from persons who may want to use our services for illicit practices,” Miss Kow maintained.

She also indicated her hope that Friday’s meeting with CIMA should result in positive outcomes for the broader remittance industry in Cayman.

“We are pleased that the issue is now being resolved; and, we anticipate that all players in the wider industry will benefit from these discussions,” Miss Kow said.



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