BOJ developing system to streamline and simplify the opening of bank accounts
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.
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