The Bank of Guyana (BoG) is currently in the process of making it easier for ordinary citizens to open an account at financial institutions across the country by reducing the onerous identification requirements.
The BoG in a release today informed that it “is currently in the process of …modifying previously issued guidance in its Supervision Guideline No. 13 on KYC and CDD requirements for the opening and maintenance of customer accounts at Licensed Financial Institutions (LFIs).”
This means that the central bank intends to simplify the due-diligence measures for customers deemed to be “low risk”. These simplified measures would include the acceptance of one form of identification document, either national identification card, passport, or a driver’s licence. In instances where the identity document contains the details of a customer’s address, such document may also be acceptable for proof of address.
There will be no requirement for annual submission of these documents to the LFIs.
According to the BoG, these measures which will conform to the Financial Action Task Force Recommendations “are intended to reduce the burden on individuals who had previously faced challenges in securing the requisite documentary requirements for the opening and operating of accounts at LFIs.”
The Bank assured that it has always striven “to foster greater financial inclusion” as is evident by these and other measures, including the issuance of Circular No. 53/2018 which provided for reduced due diligence measures for small savers “which are natural persons with monthly deposits up to $500,000”.
The Central Bank also stated that the requirements for medium and high-risk customers will also be revisited with a view to enhancing the risk-rating framework for these categories, the release added.
