Central Bank Slashing Bank Red Tape

NASSAU, BAHAMAS – The Central Bank of The Bahamas is looking to make opening accounts at local commercial banks easier according to the Bank’s Governor John Rolle who said some documents are no longer necessary. Giorgio Bain reports.

According to Rolle The Central Bank of The Bahamas is aiming to streamline the “know your customer” process at commercial banks, which should make it easier for Bahamians to open savings and checking accounts.

Rolle said it is no longer necessary for those hoping to open accounts to provide a utility bill as proof of their residence.

In cases where persons cannot provide a valid passport. Rolle provided this suggestion.

Reporting for Our News I’m Giorgio Bain.