The Bank Of Jamaica (BOJ) is to undertake an evaluation of compliance by financial institutions relating to standards for automated teller machines (ATMs).

The matter was raised during yesterday’s meeting of Parliament’s Standing Finance Committee, where members questioned the central bank’s monitoring of banks in the wake of the recent issuing of operating standards.

Opposition committee member Dr. Morais Guy noted that in his constituency, ATMs frequently run out of cash, especially on weekends, and are not restocked until the following Monday.

This time frame is not in compliance with the standard.

In response, BOJ Deputy Governor Dr. Jide Lewis said institutions submit monthly reports to the central bank. 

He noted that an evaluation will be done to see if there are discrepancies in the reports.

Where gaps are identified, remedial action will be required.

He added that some institutions are still working out arrangements for replenishing ATMs with third party entities.