Dear Editor,
The New Building Society Limited (NBS) submits this response to a letter and an article that appeared in your newspapers on 11th November 2018 `NBS wants to know source of funds in boy’s small account’ and 19lh November 2018 `BoG working to ease banking frustration for pensioners, minors – source’ respectively.
The New Building Society Limited (NBS), like all other Financial Institutions must abide by the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Laws of Guyana, specifically as it relates to the AML/CFT Act of Guyana 2009, the AML/CFT Regulations 2010, the Supervision Guideline No. 13 on AML/CFT issued by the Central Bank of Guyana and the AML/CFT (Amendment) Act 2015. These laws are not only applicable to new accounts but also to accounts that were opened prior to 2009.
1. For new accounts NBS requests that a parent/guardian for a child submits the following:
2. Two passport size photographs of the Guardian
3. TIN Certificate of the Guardian
4. Two forms of valid ID of the Guardian.
5. Proof of Address of the Guar-dian (within last eight months).
6. Recent Job Letter & recent Payslip of the Guardian.
7. Income Statement of the Guardian if Self-employed.
8. Birth certificate of child and other related documents, if necessary to establish proof of relationship.
For existing accounts prior to the commencement of the AML/CFT Laws, a parent/guardian is asked to submit the documents referred to above where necessary in order to comply.
While we appreciate the additional effort some account holders face in gathering the documents requested we are prepared to work with the Regulators in simplifying the process as it relates to Pensioners and minors and even other account holders.
As it relates to the reporter who visited the Society’s Office, we apologize for any miscommunication that may have occurred and state that our email address is nbsltd@,networksgy.com and is regularly used when we place advertisements or conduct business with your newspaper.
In order to fully address any query or complaint by anyone we normally request that they write or email us accordingly.
At all times, NBS as a service oriented organization strives to accommodate all of our customers and potential customers as long as such activities are consistent with the laws and regulations governing the operations of the New Building Society Limited.
NBS sincerely hopes that this letter clears up all issues related to this matter.
Yours faithfully,
Anil Kishun
CEO/Director/Secretary
NBS
