ANOTHER two cambios have been ordered to cease operation for failure to comply with reporting requirements about their transactions, the Bank of Jamaica (BoJ) said last week.In a release on Friday, the BoJ said Moore's Transport Services at 32 Hagley Park Road, Kingston 10, and George Kirby's Hardware and Department Store at Main Street, Christiana, Manchester, were no longer authorised to operate cambios.
The effective dates of their notices to cease operation were January 8 and 9 respectively.
Last year, the central bank withdrew the licences of a several cambio operators across the island, citing their failure to comply with the regulations.
Among those companies were Seaco Cambio at St. James Street, Montego Bay; Paymaster at the Marketplace on Constant Spring Road, St. Andrew; Super Plus Food Store at 2 Park Crescent, Mandeville, Manchester; Western Bakery in May Pen, Clarendon; Fair Exchange at 2 Auburn Terrace, Kingston, and Triple Super Save Cambio in Brown's Town, St. Ann.
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, St. Ann; 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.
