Securities dealers association concerned about employee fraud

The Jamaica Securities Dealers Association (JSDA) says it is deeply concerned about the recent incidents of employee fraud within the industry.

The association argues that these occurrences have implications for reputational risks and confidence erosion.

While noting that it cannot speak on cases under investigation in order not to prejudice the process and outcome, it says that it is committed to a thorough investigation and full accountability for all perpetrators of fraud.

“As businesses, we are mindful that fraud is a reality in both the local and global financial industry,” the association noted in a media release today.

“To mitigate against fraud, our institutions implement various detection and prevention mechanisms, which require constant evaluation and improvement as new and more sophisticated fraud schemes continue to emerge,” it added.

The association said that its members will work collectively and independently to ensure that all customers are fully apprised of measures that are at their disposal to do personal checks and balances.

“We are committed to enhancing our internal and industry controls, educating our clients, and improving our service through the consistent use of best practises and systems that detect and prevent gaps, ensuring the safety of our clients and business.

“Our customers have entrusted us as custodians of their investments, and this is a responsibility we do not take lightly. As such, we commit to full transparency as we identify and implement opportunities for constant improvements.”

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