Finance Minister, Dr. Nigel Clarke, has announced an electronic ‘Know Your Customer’ system, to ease the process of opening a bank account.
Dr. Clarke told the House of Representatives on Tuesday that this system should be brought on stream by the Bank of Jamaica within two years.
The new system will create a central database for the storing of information normally used to open an account at a commercial bank, such as tax registration number, National ID and proof of address.
Dr. Clarke says this will differ from the current system which requires you to provide this information every time you open a new account.
He says this will provide significant benefits not only to customers but to financial institutions and regulators as well.
Dr. Nigel Clarke Minister of Finance and the Public Service.
