December 31, 2002 Deadline for KYC
The Government of The Bahamas, in response to requests from the nation's financial service providers and in recognition of industry's commitment and efforts to date to be in full compliance with the Know Your Customer Regulations, has agreed to extend to December 31, 2002 the period for identifying all accounts established prior to January 1, 2001. These Regulations were promulgated pursuant to the Financial Transactions Reporting Act introduced in December 2000. The government had extended the initial deadline of December 31, 2001 to June 30, 2002.
"International and domestic financial services firms have committed tremendous effort and resources to this exercise. They indicated to government that whilst they were able to substantially complete the exercise, they were unable to meet the 30 June deadline", stated Wendy Warren of BFSB. "All involved in this very important sector of our economy want to ensure that every opportunity is given for
