The Financial Services Commission, FSC, has enhanced oversight for stocks and securities limited.

This in the wake of reports of alleged fraudulent activity, involving a former SSL employee.

In a statement, FSC Director of Communications, David Geddes said the entity is aware of reports of allegations of fraud at SSL, after which certain directions were issued on the financial institution.

These directions, which were dispatched to the company on Thursday, are a supervisory tool to allow the FSC to engage an entity in a process of enhanced oversight.

In the case of SSL, this enhanced oversight reflects the need for the FSC to have a full view of the integrity of the transactions being conducted, including the movement of funds, and of securities into and out of SSL.

Under the directions, SSL can still conduct business on behalf of its clients but with the oversight and approval of the FSC.

He said the FSC will simultaneously continue its investigations into matters related to SSL.  

The alleged multi million dollar fraud is also being probed by the Financial Investigations Division, Fraud Squad, and Jamaica Constabulary Force.