Financial Services Commission appoints special auditor for SSL amidst multi-million-dollar fraud probe
The Financial Services Commission (FSC) has appointed a special auditor for Stocks and Securities Limited (SSL).
The appointment comes on the heels of alleged fraudulent activity at the agency, involving a former employee.
The multi-million-dollar fraud is being probed by the Financial Investigations Division, the fraud squad, and the Jamaica Constabulary Force.
The appointment of a special auditor for SSL also comes a week after the FSC enacted an enhanced supervisory regime for the company.
The FSC says the special auditor will assist the commission in its enhanced supervision of the entity and the continuing investigations into its operations.
It notes that SSL is allowed to continue its business operations but must seek the approval of the regulator for transactions involving the intake and payout of funds to clients.