Bank of Jamaica (BOJ) Governor Richard Byles says the legislation to hold banks accountable for not being compliant with standards is not strong enough to protect the rights of customers.

His comment follows calls for the island’s banks to take steps to ensure that automated banking machines, (ABMs) are operational for the yuletide season.

Responding to questions about the penalty for banks that do not comply, Mr. Byles said that the financial laws do not allow for strong enforcement of market conduct and customer protection standards.

He said this is a problem the BOJ is trying to resolve, through the crafting of the Twin Peaks legislation, which he hopes will enable regulators to enforce standards.

Mr. Byles said the progress made so far in relation to the operation of ABMs is based solely upon discussions held with the banks.

He noted further that actions such as installing more ABMs in town areas where they are lacking is one solution that can be taken to address current challenges.