Alliance Financial Services Limited, AFSL, has failed in its bid to have the suspension of its cambio and remittance licences lifted while it fights the action taken by the central bank in court.

The Bank of Jamaica, BOJ, suspended the licences in early December, following criminal charges and allegations of contravention of banking laws against Alliance Financial, its subsidiary Alliance Investment Limited, and key shareholders Robert Chin and Peter Chin. Robert Chin has since entered a guilty plea on behalf of the company.

Late last month, AFSL won the first concluded round of what has become a multipronged court battle, when its application to the Supreme Court for a judicial review of the central bank’s actions was granted. However, in mid-January, the company failed in its request for an injunction against the licence suspensions while that appeal was being considered

https://jamaica-gleaner.com/article/business/20220126/alliance-loses-second-round-licence-suspension-court-battle