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Breaking News:

Why KYC?

Published: Sep 04, 2017

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Dear Editor,

What is the reason for “know your customer” (KYC) policies?

No, I mean, what is the real reason, as surely it is not for I.D.

Woe is me. These days you cannot use a restroom without three forms of I.D.

Not until you are 18, and obtain (after jumping through many hoops, wasting many hours and spending a lot of money) a passport and a driving license, along with every possible document know, may you open a bank account.

And then you can expect to pay between $5 and $15 to save your money, and then wait in long, slow lines to get your money. And once the account is open, do not attempt to make any changes.

This KYC is out of control and borders on insanity. Only God can help you if you do not travel or drive, and therefore do not have a passport or driver’s license.

Why is it that one cannot get a government-issued I.D. that can be used by itself?

Okay, so you had a passport, driver’s license and voter’s card, but you have stopped travelling, driving and voting, so you only have a N.I.B. card? Sorry, they must all be valid.

Why is a utility bill necessary? Are they going to pay it? Why do they need to know where I live? Are they going to visit me?

And then they want to know why it is that Bahamians do not save more. Come on, after buying food, paying rent, paying the electricity bill, etc., what is left?

– Call me stupid.

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Last Updated on Monday, 04 September 2017 22:02


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