Republic Bank (Guyana) Limited has been asked by Stabroek News to state the specific national law or agreement it has subscribed to which requires character references and other requirements for existing customers.
The question was posed to the bank’s communications department but it has not yet provided an answer.
The issue arose last week when several longstanding Republic Bank customers queried why they should have to meet such requirements when their bona fides have been recognized by the bank over many years.
In addition to two character references, customers are also being asked to provide proof of residence, their TIN number and sources of funding and income. In response to the concerns raised by customers, Republic Bank said that its new requirement is part of its attempt to adhere to new local laws and international banking requirements. However, when contacted, an official of the bank told this newspaper that she could not say offhand just which laws and requirements the bank was seeking to conform to though she did allude to the Anti-Money Laundering and Countering the Financing of Terrorism Act.
She further explained that she needed to confer with a legal official to be able to adequately answer the question.
The representative was also unable to say when the requirement became effective. However, in its correspondence, the bank inferred that the requirement was also an attempt to keep customer information up to date.
“One of the challenges is ensuring that, as far as possible, customer information remains current, since customers’ financial practices and personal information such as place of residence and employment change over time, and hence our letters to customers as part of this initiative for the relevant updates,” Republic Bank said.
According to the bank official, she would be in a better position to answer any questions when high-ranking members of the bank meet early this week to discuss the new requirements.
Thus far, other banks here have not imposed this requirement.
