Business
National Bank of the Virgin Islands wins Bank of the Year
By MERRICK ANDREWS, Online News Editor
(JTV News) — The National Bank of the Virgin Islands stamped its reputation as a leading financial services provider — if not the best — in the territory after collecting two awards including Bank of the Year during a recent cocktail reception to announce the Financial Services Awards 2022.
The event was held on February 15, 2023, at the newly opened LvL3 Rooftop Prime Restaurant in Road Town, Tortola.
National Bank also won the Best Corporate Social Responsibility award.
To top off a great evening for the National Bank, an employee, Chantee Mathavious, won the Future Leaders Award.
According to its website, the Bank describes itself as a customer-centric bank as it strives to “help everyone get ahead”, adding that its values are professionalism, accountability, respect, attitude, dedication, integrity, social responsibility, and excellence.
“As a leading financial services provider, we are committed to personalized service that goes above and beyond your expectations. We know that our customers have different financial needs, and we can provide unique services and resources to achieve your goals… We are committed to constantly expanding our services and offerings to create value for every customer,” the Bank states on its website.
The Government of the Virgin Islands is the Bank’s majority shareholder (67 percent), and the Social Security Board is the minority shareholder (33 percent).
The leader of the National Bank’s executive management team is Joy Penn who has been the chief executive officer since 2013.
Meanwhile, other 2022 big winners were Harneys who received three awards: Tech Savvy Firm of the Year, Law Firm of the Year, and Corporate Services Provider of the Year.
According to the GIS, other winners include KPMG (Auditor of the Year and Accounting Firm of the Year), BVI Financial Services Commission (Regulator of the Year), Caribbean Insurers (Insurance Agency of the Year), and Deloitte (Insolvency Practice of the Year).
The Compliance Officer of the Year award went to Roschelle Smith of CIBC First Caribbean International Bank; and the Lawyer of the Year is Jenelle Archer of O’Neal Webster.
GIS said in a press release that the awardees were nominated and voted winners by their peers through an online voting platform.
“The 1,915 votes submitted in the 13 categories yielded the results,” the release said.
Kye Rymer, who was the acting premier at the time, congratulated the financial services industry for their continued hard work and efforts that keep the industry and the BVI’s economy thriving, according to the release.
Business
BVI Financial Investigation Agency and Jersey Financial Services Commission Sign Agreement to Strengthen Cooperation in Tackling Financial Crimes
The Financial Investigation Agency (FIA) of the British Virgin Islands (BVI) has recently strengthened ties with the Jersey Financial Services Commission (JFSC) through a Memorandum of Understanding (MoU) signed on 25 October. The agreement formalises a cooperative framework for consultation and information-sharing between the two regulatory bodies, enhancing their oversight in financial regulation.
The MoU signals a shared commitment by the BVI and Jersey to uphold rigorous financial standards and combat financial crimes. By sharing essential intelligence, the FIA and JFSC aim to bolster efforts to detect, prevent, and investigate crimes such as money laundering, terrorist financing, and proliferation financing.
Errol George, Director of the FIA BVI, expressed the importance of the partnership, stating, “The signing of this MoU establishes a framework for information exchange between the FIA BVI and JFSC, supporting compliance with the laws, regulations, and rules relating to the functions of our Authorities. I am indeed pleased with the progress we are making in the Territory to tackle financial crime.”
Through this agreement, both agencies will, upon request, provide critical information that strengthens regulatory practices across the Designated Non-Financial Businesses and Professions (DNFBP) sector. Shared data will include details on corporate structures, management standards, and organisational quality, all essential for effective supervision.
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Business
Virgin Islands Secures $100 Million Loan to Drive Infrastructure and Community Development
Business
FirstBank Customers Accounts Show Zero or Negative Balances Electronically
– Persons Accessing Cash In Bank
This morning account holders at 1FirstBank awoke to discover that their online account balances had disappeared. A widespread issue, affecting both personal and business accounts, has left customers unable to access their funds, with many reporting negative or zero balances on the bank’s digital platform.
The issue was discovered early Tuesday morning when users attempting to log in to their accounts were met with unsettling balances, with some even seeing their accounts marked as overdrawn despite no recent transactions. Several customers described seeing a balance of zero on their account’s home screen despite previously having substantial savings.
“I thought it was just me, but when I called a friend who banks with FirstBank, they had the same problem,” said the account holder. “It’s incredibly stressful, especially since there’s been no word from the bank yet.”
The problem, which seems to have affected customers across the territory, has prompted many to visit local branches in person. Several individuals reported being able to access their accounts once they arrived at the bank. However, the disruption has rendered ATM services and card transactions nonfunctional, leaving customers unable to withdraw cash or make payments.
JTV News reached out to 1FirstBank, where a representative confirmed that the electronic banking system is currently down and the matter is being addressed at the international level. Customers were advised that, for the time being, they would need to visit a branch to resolve any issues, as card swipes and ATM withdrawals were temporarily disabled.
While FirstBank has yet to release an official statement on the cause of the outage, customers are growing increasingly concerned about the safety of their funds. The nature of the problem—whether it is a technical glitch or something more serious like a security breach—remains unclear.
At this stage, it is unknown when the issue will be resolved or if all accounts will be restored to their proper balances.
The financial uncertainty has left both personal and business account holders on edge, with some businesses reporting disruptions in their daily operations due to the inability to access company funds.
JTV News will continue to monitor the situation closely and provide updates as more information becomes available.
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