NCB Merchant Bank (Trinidad and Tobago) Limited (NCBMBTT) has confirmed that the cash shipment referenced in recent media reports is the property of the Bank and relates to a transaction conducted in the ordinary course of business with another regulated financial institution.
In a media release on Friday, the bank stated that the transaction “was initiated and executed in accordance with the Bank’s established operational procedures and all applicable legal, regulatory and security requirements.”
According to the bank, “the cash forms part of a legitimate inter-institutional transaction and was intended to transit within the NCB Group pursuant to established business arrangements.”
The bank also sought to clarify the financial implications of the transaction.
“Importantly, while the physical cash would be transiting, the underlying value would not. Upon completion of the transit process, NCBMBTT would be fully compensated in United States dollars for the cash, ensuring that the Bank’s financial position and economic interest in the transaction remain protected throughout.”
NCB Merchant Bank said it is continuing to cooperate with the relevant authorities in Trinidad and Tobago and Jamaica and “remains committed to supporting all reviews and administrative processes associated with this matter.”
The bank added that it would not comment further while the matter is under review.
NCBMBTT also noted that it is “a licensed financial institution under the Financial Institutions Act, 2008 and an Authorised Dealer under the Exchange Control Act, Chap. 79:50.”
It added that, “subject to applicable legal and regulatory requirements,” it is permitted “to import and export notes of any class that are, or have at any time been, legal tender in Trinidad and Tobago or any other jurisdiction.”
The bank concluded by reaffirming its commitment to maintaining the highest standards of compliance, governance, transparency, risk management and operational integrity across all aspects of its business.