Bankers’ Association’s Message To Customers
The Bermuda Bankers’ Association [BBA] said they are aware that Bermuda’s banking customers are experiencing the impact of changes as all the banks continue to request additional information, explaining that it “is essential to the ongoing viability of Bermuda’s banking industry, and by extension the Island’s reputation as a good place to do business.”
A spokesperson said, “Why is your bank asking for detailed personal information from you regarding your account[s], yet you’ve been banking with them for years?
“The banking industry globally is undergoing a period of rapid regulatory change, as governments worldwide enhance their legislation to clamp down on criminals using the banking systems to launder money, from drug trafficking, terrorist financing, tax evasion or other criminal activities. Bermuda is not immune to the impact of these changes.
“As a well-regarded International financial centre, it is essential that we all continue to work to maintain and enhance our reputation as a good place to do good business, aligned with the highest international standards of controls and transparency.
“As such, the Bermuda Bankers’ Association [BBA] is in regular dialogue with the Bermuda Monetary Authority regarding various aspects of the provision of financial services in Bermuda, including managing the impact of increased, globally-driven regulations and requirements on the jurisdiction and bank customers.
“The BBA is committed to ensuring that the legal and regulatory framework governing financial services in Bermuda operates in an efficient, effective and fair manner.
“This prudent approach is not only good for banking customers but also for the protection and maintenance of the Island’s reputation as a highly regulated and safe environment within which companies and individuals can do business with.
“The BBA is aware that Bermuda’s banking customers are experiencing the impact of these changes as all the banks continue to request additional information and/or documentation from customers both at the outset of new relationships and on an increasingly frequent basis for existing relationships. This is essential to the ongoing viability of Bermuda’s banking industry, and by extension the Island’s reputation as a good place to do business.
“As customers, please be proactive and advise your bank as soon as possible, [which may also require copies of supporting documentation], when there have been changes in your personal circumstances [e.g. change in address, marital status, and/or material changes in your lifestyle], that may have an impact on your banking practices.
“We appreciate your ongoing patience, understanding and co-operation as we work with you to provide the banking services you need, whilst meeting the increasingly demanding standards of the global banking industry.”
Customers message to Bankers’ Association: You have < 0.5% interest in your customers, people should put their money elsewhere.