The Bank of Jamaica (BOJ) is leading an initiative to develop a centralised Electronic Know Your Customer (EKYC) public utility system.

This will streamline and simplify the process for opening a bank account. 

The system is expected to be implemented within 2 years.

It will also make it easier for customers to switch their accounts between banks.

Finance Minister Dr. Nigel Clarke said the system will boost compliance with anti-money laundering and terrorism financing laws and regulations.  

Dr. Clarke pointed out that the process will involve legislative changes and inter-agency collaboration, to ensure success.