NCB Merchant Bank (Trinidad and Tobago) Limited says a US$2 million cash shipment seized at Piarco International Airport last month was a legitimate transaction conducted in the ordinary course of business between regulated financial institutions.
The statement came after a newspaper reported today that authorities had launched an investigation into the seizure of a white crocus bag containing US$2 million in cash at the South Terminal of Piarco International Airport on June 25. According to the report, the money originated from NCB Merchant Bank and was destined for Miami, with a stopover in Jamaica, before Customs and Excise officials seized it over what they described as “certain transactional and accountability deficiencies”.
In a media release issued today, NCB Merchant Bank said the cash shipment referenced in recent media reports belonged to the bank and related to a transaction conducted in the ordinary course of business with another regulated financial institution.
The bank said the transaction was initiated and executed in accordance with its established operational procedures, as well as all applicable legal, regulatory and security requirements.
According to the bank, the cash formed part of a legitimate inter-institutional transaction and was intended to transit within the NCB Group under established business arrangements.
NCB Merchant Bank said that although the physical cash would have been in transit, the underlying value of the transaction would not. It said that once the transit process was completed, it would receive full compensation in United States dollars for the cash, ensuring its financial position and economic interest remained protected throughout the transaction.
The bank said it continues to cooperate fully with regulatory and supervisory authorities in Trinidad and Tobago and Jamaica and remains committed to supporting all reviews and administrative processes associated with the matter.
It added that it would be inappropriate to comment further while the relevant authorities conduct their review.
NCB Merchant Bank said 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 said the legislation permits it, subject to applicable legal and regulatory requirements, 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 said it remains committed to maintaining the highest standards of compliance, governance, transparency, risk management and operational integrity across all aspects of its business.
