Know Your Customer Requirements for banking in The Bahamas

Rick Lowe

It has hit home to me recently that each bank here has a different requirement for the identification a client has to present when doing business with them.

Most of them get copies of your passport, National Insurance card and a utility bill when opening an account.

Then sometimes you must present your drivers license for them to note when conducting transactions. I say sometimes because one bank might ask for it and another does not.

I'm wondering how much longer it will be before we must present stool samples to confirm who we are!

Just kidding of course, but it seems to me the Clearing Banks Association should agree on how they will approach these things and coordinate it all with the Central Bank of The Bahamas to make it as painless as possible for their clients.

What do you think?

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