PSB Bank confirms investigation into irregularity related to the Pagafasil system

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Willemstad, Curacao – The management of PSB Bank recently discovered an irregularity in its internal processes related to the Pagafasil system. This led to an investigation and in order to continue the investigation, a number of employees were suspended. The investigation does not affect the stability of bank. While the Pagafasil system has always been safe to use and continues to be so, necessary adjustments are being made to ensure a higher level of internal control. In the meanwhile, clients can still use the system safely.

The irregularity detected has an impact of nine hundred thousand guilders (ANG 900,000). Although this is a considerable amount, it does not affect the financial soundness of the bank in any way. Before identifying this irregularity, PSB Bank already took the necessary steps to upgrade the system on which Pagafasil operates, with the aim to provide better service and to ensure better internal control of the processes related to Pagafasil.

The reason for the suspensions is to allow for space to complete the investigation. It is also important to clarify that not all suspended employees are suspected of direct involvement in the detected irregularity. To avoid influencing the investigation or tarnishing the privacy of the employees involved, management of PSB Bank will not share additional information at this stage.