Bank of Guyana warns financial institutions… ‘Don’t ask customers which political parties they backing’

Aug 27, 2019 News

The Bank of Guyana (BoG) is warning financial institutions not to ask customers which political parties they are backing.

The BoG has asked financial institutions not to ask customers which political parties they are backing.

BoG’s Governor, Dr. Gobind Ganga

In a circular on Thursday, August 22nd, the bank, as the regulator of financial institutions in the country, said it has come to its attention that customers have been questioned regarding their allegiance to/affiliation with any political party.
“Please note, the conditions governing the issuance of your licence do not include ascertaining the political persuasion of any customer,” BoG’s Governor, Dr. Gobind Ganga, said in the circular.
It was addressed to lending institutions, money transfer agencies, cambios, insurance companies, agents and brokers.
“The Bank hereby directs all licensees to ensure that in the course of conducting businesses, customers are not subjected to matters unrelated to their specific transaction(s) with your institution,” the circular also advised.
The Bank made it clear that failure to comply the directive shall result in actions.
In recent years, following the passage of new anti-money laundering and the financing of terrorism laws, the financial institutions of the country have been asking for more paperwork for transactions.
Citizens have been complaining bitterly of the inconveniences with the banks especially arguing that their hands are tied.

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