Republic Bank’s endeavor to adhere to compliance and anti money laundering is extreme

Dec 15, 2019 Letters

Dear Editor,

The Republic Bank of Guyana has proudly declared in their Annual Report of 2019 “Customers remain our most valued stakeholders, and our priority of strengthening relations has been demonstrated through our efforts to understand and empathise, while presenting solutions to challenges as they arise – all with a view to delivering satisfaction; and meeting and exceeding service expectation.”

Yet, every day there are frustrating customers who are denied access to their money that they have entrusted to the safe keeping in this bank. This institution’s endeavor to adhere to compliance and anti money laundering is extreme. Every customer becomes a suspect of anti money laundering. One must be able to support the source of their funds for deposit with documentation of how this money was acquired and when you provide the documentations you must have them notarized by another to support your identity. A customer who opened the account, provided their name, date of birth, home address, and signature with a physical Republic Bank of Guyana agent can not be authenticated by the bank after that account is opened. A notary public declaration is required thereafter to verify the identity of the individual and any further documents bearing that client’s name and signature. If this is not extreme, then what is?

Every time you present to the bank after you are denied access to your account because of their meticulous compliance policy you are requested to present another piece of documentation. You are first given a list and upon presenting that list of requirements you are given even another list. By the time you return the second list the first list becomes outdated and you are required to complete it all over again. This is the tactic of delaying that they have been using for a while now. They deny all activities, incur a charge for no activity, dispute the documentations and entrust you with further expenses due to travelling and JP services.
The ridiculousness of the bank’s approach is an ongoing dilemma. Many have voiced their frustration. The agents claim they are only following protocols and blame it on an upgrade. Meanwhile the Bank has a glorifying Annual Report by ‘squeezing the small man’.
My father has an account with this bank for the sole purpose of direct deposit including his NIS benefits. For more than 6 months he is denied access to his account. A 70+ year old is denied access to his funds and receives a penalty for account inactivity. Why is this? He has one on his children as beneficiary on the account just so that in an unpredictable event he can have someone access his funds for him. The amount of information required of the beneficiary is unbelievable and extensive. Every time the beneficiary sends the required document even more is required. The bank claims it’s an anti-fraud prevention act. Notably the beneficiary is not a resident of Guyana so for me to elaborate the magnitude of complication associated with this is beyond words can explain. In simple language the bank is requesting all professional, financial and personal original documentations from this individual except for their Medical records. I trust that will be next!!!! Because postage to Guyana is always on delay and the Bank wants original documents the dates never align with their policies, so this is an unending, revolving process.
To further enhance their superiority and extreme authority in the act of anti-fraud and anti-money laundering this bank like many others do not receive documentation electronically. They request original documents in hardcopy. Exactly what they are – Paper pushers. Their remark in the Annual Report of 2019 about the future outlook “As Guyana prepares for first oil in 2020, the Bank remains willing to support government-led initiatives to diversify some of the traditional underperforming sectors of the economy.” is a bunch of words that is void of meaning. They are the underperformers – it is about time they recognize that electronic documents is an upgrade as must as they are forging ahead with digital developments. In the end they scan your documents and electronically save them. Why not reduce the paperwork and save the planet if there is aspiration of future outlook?
The bigger question is – What is the role in banking in Guyana?
Sharmilla

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Republic Bank’s endeavor to adhere to compliance and anti money laundering is extreme

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