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Account holders still have chance to bring in documents

Apr 30, 2011 News

Banking operations in the city appeared to be relatively normal yesterday even in light of the fact that some persons could find their accounts being frozen due to their failure to provide their banking facility of choice with proof of address and copies of their personal identification.
Checks at a few city banks yesterday afternoon did not reveal a congested state of affairs as was the case when previous deadlines for the provision of the requisite documentations approached last year.
The new deadline set is April 30, and since the banks do not operate on Saturdays, yesterday was regarded the deadline. It also applies to Hand in Hand Trust Company, and New Building Society.
Officials at both the Republic Bank and the Guyana Bank for Trade and Industry told this newspaper yesterday that even though persons may find that their ATM cards may become inoperable and they are unable to make withdrawals, once the requisite documents are presented the account will normalize.
It was just last week that the Guyana Association of Bankers (GAB) highlighted the urgency for clients to comply with the call to provide their documentations or face having their accounts become inactive or frozen.
Under the legislation, all deposit account holders were to provide proof of address and copies of identification, under measures designed to minimize the possibility of money laundering and the financing of terrorist activities.
The US and other territories have blacklisted a number of countries that have not complied. Nearer to home, Trinidad and Tobago, according to media reports, was facing blacklisting for its failure to get the Financial Intelligence Unit (FIU) Act passed, but the government had managed to do so after a marathon weekend session.
GAB Chairman, John Tracey, during a recent press conference at Republic Bank’s New Market Street Headquarters, explained that Guyana had passed its own FIU legislation since 2009. However, two deadlines – May and December last year – have passed without the response from account holders being satisfactory.
John Alves, Republic Bank’s Chief Executive Officer, had emphasised that this warning is final and there will be no extension.
Scotiabank’s head, Amanda St. Aubyn and Vinod Sehgal, Managing Director of Bank of Baroda, were also present at the press conference. While GAB declined to disclose the extent of the problem by releasing figures, it did point out that deadlines have resulted in long lines for the commercial banks, New Building Society and Hand In Hand Trust, all of which deal with deposit accounts.

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