ID, source of funds only requirements from CBCS to open bank accounts | THE DAILY HERALD

PHILIPSBURG--Central Bank of Curaçao and St. Maarten (CBCS) President Richard Doornbosch says the only requirements that are important for the CBCS for the opening of bank accounts are proper identification and a source of funds. The other documentation that banks require is to comply with these requirements. He made the remarks during a meeting of the Central Committee of Parliament on Wednesday, in response to concerns and questions from independent Member of Parliament (MP) Christophe Emmanuel regarding the requirements from commercial banks for accounts and the closing of accounts. Emmanuel wanted to know what CBCS’ requirements are for account holders and suggested that smaller financial institutions be established where persons can obtain loans, as doing so via commercial banks is difficult. Emmanuel said a local bank had asked him to provide documentation such as pay slips, and the banking information from other banks of persons attached to his account, and when he asked why the documentation was necessary, he was told that it was a CBCS regulation, but CBCS said this was not the case. He said CBCS offers no protection to banking customers. “In St. Maarten and in Curaçao the issue of a bank account … it is a real issue,” Doornbosch said in response to the concern expressed. “The requirements [that – Ed.] the banks ask from their customers for having a bank account; the time it takes for getting this bank account – that’s a real concern and we are talking to the banks to see what we can do and what they have to do, because from an AML/CFT [Anti-Money Laundering/Combating the Financing of Terrorism – Ed.] perspective and this is important – this AML/CFT perspective, we are required that banks can do a proper client identification, basically ask for a passport and the client can identify themselves and for a source of funds, so that we sort of know where the money is coming from in general. So, these are the only two firm requirements that are important for us to open a bank account,” he said. “The other requirements are often not coming directly from the Central Bank, but are a way for commercial bank to deal with these two requirements. Of course, for politically exposed persons, and I guess we are in this room politically exposed, there are more requirements and it’s a bit more complicated.” The length of time it takes to open a new bank account at local banks has been a longstanding concern for many, as is the concern of banks closing the accounts of account holders. United People’s (UP) party leader MP Rolando Brison is one of several persons who have in the past called for the immediate right to bank accounts and consumer protection laws for St. Maarten, noting that everyone and every entity must be given immediate access to basic bank accounts separated from the international network, that can be used for local transactions. He had also in the past called on CBCS to clarify to banks the position of CBCS in allowing them to open at the very least, basic bank accounts separated from the international banking system to facilitate local transactions. He had in the past also called for clarity to be given clearly to the public as to what the current Central Bank guidelines are on the requirements for opening a bank account, to prevent the situation where banks currently blame Central Bank regulations for their obtuse policies for bank account openings. Source: The Daily Herald https://www.thedailyherald.sx/islands/id-source-of-funds-only-requirements-from-cbcs-to-open-bank-accounts