Barclays (UK) has closed accounts of account holders with Jamaican addresses in a bid to lower risk and shore up core operations.

The latest move, effective from 11 September 2015, will impact about 450 clients, who will be given a grace period of a month to make other banking arrangements.

In 2013, the British banking major announced plans to focus on core 70 markets across the globe in an effort to reduce complexity of operations.

The bank has excluded Jamaica from the list of core markets citing that it is too risky due to money laundering concerns.

Meanwhile, Jamaica National Building Society (JNBS) in a statement said it will be offering transactional services to the affected clients.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.