The Royal Cayman Islands Police Service Financial Crime Unit is looking into a potential criminal case involving a former employee at a local bank.
The woman, described by Scotiabank as a former loan officer, has not been arrested in connection with the case or charged with any offences, according to police. However, the employee is no longer with Scotiabank, as of the week of 17-21 September, according to company officials.
According to a statement released by Scotiabank this week, the bank is investigating the actions of a former employee regarding some “commitment fees”.
Commitment fees are fees attached to a mortgage, usually around 1 per cent of the home or property purchase price.
“We are taking this situation very seriously and our preliminary assessment indicates that no Scotiabank mortgages were affected by this incident,” a statement from the company read. “We have notified the police and are working cooperatively with them during their investigation. We hold employees to extremely high standards and do not tolerate any actions that do not meet those standards – at the hint of wrongdoing we take swift and decisive action.”
The police service confirmed authorities were investigating “suspected criminal activity” with regard to the matter.