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‘No bank account, no licence’ …Small Miners Association sounds warning
(Kaieteur News) – The Small Miners Association Guyana Inc. has encouraged miners to comply with new banking requirements, stressing that the measures are aimed at safeguarding the industry and ensuring miners remain legally compliant.
Chairman of the Association, David Daniels, in a recent message, said the requirement is linked to Guyana’s obligations under anti-money laundering legislation and is intended to ensure that mining activities are conducted legitimately.
Chairman of the Small Miners Association, David Daniels
“It is to ensure that once you’re mining in the mining industry, you are legitimately mining,” Daniels said.
Last week, the Guyana Geology and Mines Commission (GGMC) issued a notice instructing all miners and stakeholders, including traders, to update their personal records with the Commission by January 31, 2026. The Commission had also announced that all miners and stakeholders are required to maintain a local bank account as a mandatory condition for the processing, access or renewal of mining licences and permits.
GGMC had stated that those without a bank account must take immediate steps to regularise their status. The Commission warned that non-compliance with the local bank account requirement will affect the processing, issuance or renewal of licences and permits.
As such, Daniels advised miners to adhere to the rules and regulations of the sector, including maintaining a bank account where required, noting that compliance would allow miners to remain active and relevant in the industry while providing for their families.
He noted that miners renewing licences at GGMC or conducting transactions with the Guyana Gold Board will be required to present banking information. He explained that while cash payments are issued up to a threshold, transactions above that amount are settled by cheque, making a bank account necessary.
“Your gold value in excess of $2 million you will receive a cheque, and with that cheque, you will have to get the bank account to go and change a cheque so that that money will take and from a business perspective, it will allow you to save your money,” he said.
Daniels also pointed to available banking options in Region Seven. He noted that the Association has already received calls from miners seeking assistance and said it is prepared to help with documentation, including letters of recommendation, where necessary.
“So please, small miners, don’t see this as a burden. See this as an added opportunity whereby you will be able to provide and you will be able to better develop your business and better develop your family,” Daniels noted.
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