Following an announcement that banks will be given formal directives for simplified due diligence measures to make the opening of a bank account easier for low risk customers, the Official Gazette yesterday published the measures.
“To promote financial inclusion the Bank has simplified the requirements to open and maintain a bank account for low risk customers by making corresponding amendments to sections of SG No. 13. This approach is consistent with Section 17 of the AML/CFT Act 2009 and is aligned with a risk-based approach as well as with international best practices,” the Official Gazette of January 14th states. (https://officialgazette.gov.gy/images/gazette2023/jan/official_gazettes_14JANUARY2023.pdf)
“For the purpose of this circular, low risk customers include small savers with monthly deposits up to $500,000. Examples of low risk customers include individuals who belong to lower economic strata of the society whose accounts show small balances and low turnover, salaried employees whose salary structures are well defined, government departments and government-owned companies, regulators and statutory bodies,” it adds. Government departments and government owned companies, regulators and statutory bodies may also be categorized as low-risk customers.