GraceKennedy Group - GraceKennedy Money Services strengthened by enhanced compliance measures
 
Friday, 07 July 2017 20:31

GraceKennedy Money Services strengthened by enhanced compliance measures

[Kingston, Jamaica; - July 7, 2017] On the heels of the recent launch of RemitCare, the micro-insurance product from GraceKennedy Money Services (GKMS) and GraceKennedy Insurance (GKI) which provides insurance protection against loss of income from remittance services; Don Wehby, Group Chief Executive Officer of GraceKennedy Ltd reaffirmed the company’s focus on compliance.

 

RemitCare, an innovation in remittance protection, is an accident insurance product that provides remittance payments to a receiver for two months in the event that the sender sustains any accidental bodily injuries caused directly and immediately by an accident which leads to either disability (permanent or temporary) or death as a result of the accident.

This effort to protect the remittance customer has stimulated further investment in technology and compliance, as GKMS continues to focus on strengthening monitoring mechanisms in order to stay abreast of international best practices. According to Don Wehby, Group CEO of GraceKennedy Ltd. “We have been in the remittance business since 1990 and have been investing continuously in technology, training, risk management, security and compliance. We benchmark against the international best practices in compliance and intend to always be at the top of our game in this area.”

The always evolving Money Service Business (MSB) industry has, in recent times, come under stronger monitoring in order to continue meeting local and international regulatory requirements. This has meant increased measures in implementing industry best practices in the areas of training, investment in technology and other monitoring mechanisms.

As the Jamaican market welcomes RemitCare, which protects remittance customers at the point of sale, GKMS is ensuring that customers are being protected on the back end through additional monitoring measures. These will be implemented across the network over the coming weeks, as the company strives to enhance service delivery and protect its customers.

As a Group, GraceKennedy continues its effort to enhance its service delivery across all its markets.

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Klao Bell Lewis
Head of Corporate Communications
Tel. (876) 809-1121