The Jamaica Bankers Association (JBA) says it has partnered with the Government to ease the disbursement process for beneficiaries of CARE Programme Compassionate Grants.
As a result of recent amendments to the Proceeds of Crime Act (POCA) regulations, local financial institutions will now be able to adjust the minimum requirements to open a bank account.
“Customers will now be able to open a low-risk bank account using their Tax Registration Number (TRN) and a government-issued identification card which should ease the challenges currently being faced by some Jamaicans with joining the formal banking system. This will be particularly useful to Jamaicans who are beneficiaries of the CARE Programme and the PATH programme and will aid in ensuring a smoother and more efficient disbursement process for all stakeholders,” Jerome Smalling, president of the JBA explained.
Bank accounts that are classified as low risk are those that account holders can declare a specific source of consistent income.
This adjustment by local banks will impact a significant number of Jamaicans who are currently unbanked.
He added, “We acknowledge that some individual banking institutions, may have to adhere to other regional or international regulations based on their governance structure, and so may have differing requirements for these accounts. These institutions will be informing the public accordingly.”