January 10 mention date for Alliance executives
Published:Friday | December 17, 2021 | 1:19 PM
Businessmen, Peter Chin and Robert Chin, the principals of Alliance Investment Management Limited (AIML) and Alliance Financial Limited (AFL), are to return to court on January 10 next year.
The men and the companies are facing a raft of charges for alleged breaches of the Bank of Jamaica Act, the Banking Services Act and the Proceeds of Crime Act.
The mention date was scheduled when they appeared in the Kingston and St Andrew Parish Court today.
Bail was extended by senior parish judge Lori-Ann Cole-Montague.
AFL and Peter Chin were charged with carrying on the business of lending foreign currency without being an authorised dealer in relation to more than 20 foreign currency loans, totalling approximately US$8 million, to various entities.
Robert and Peter Chin are jointly charged for alleged breaches of the Banking Services Act for accepting deposits without the requisite licence from the BOJ relating to a series of deposits in excess of US$7.5 million over a three-year period from 2014 to 2017.
Additionally, AIM was charged with failure to file threshold transaction reports as mandated under the Proceeds of Crime Act for transactions of, or exceeding, US$15,000 (or its equivalent in any other currency) to the Financial Investigations Division (FID).
The BOJ has suspended AFL's authorisations to operate cambio and remittance businesses and to operate in the BOJ Fintech Regulatory Sandbox.
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