Identity Verification Guidelines for Deposit-Taking Institutions in Antigua and Barbuda

Deposit-taking institutions in Antigua and Barbuda are required to verify the identities of customers before opening accounts or processing transactions. The following guidelines outline a practical approach to achieving this.

Key Points

• Immediate Processing: Deposit-taking institutions can start processing business or account applications immediately, as long as they promptly verify the customer’s identity.
• Verification Requirements: Institutions must not transfer or pay money out to a third party until verification requirements are satisfied.
• Clear Policies: Institutions should establish clear and consistent policies for situations where satisfactory evidence of identity cannot be obtained.

Verifying Customer Identities

The guidelines outline specific procedures for verifying customer identities, including:

Establishing True Name and Other Names Used

• Verify the customer’s true name and other names used
• Obtain a full description of any aliases or nicknames

Verifying Permanent Address

• Verify the customer’s permanent address using reputable sources
• Obtain a copy of their utility bill, tax bill, or other relevant documents

Obtaining Date of Birth (if possible)

• Obtain a copy of the customer’s birth certificate or passport
• Verify the date of birth with government-issued documentation

Documentary Evidence

Institutions should obtain documentary evidence from reputable sources that bears a photograph, such as:

• Current valid passport
• Driver’s license
• Government-issued identity card

Face-to-Face Verification

Customers should not be asked to send their original identity documents by post. Instead, institutions can request certified copies if internal procedures require sight of the document.

Additional Searches and Enquiries

Institutions can use various checks to verify a customer’s address, such as:

• Checking the Register of Electors
• Making a credit reference agency search
• Requesting sight of a recent utility bill or tax bill

Introduction from a Respected Customer

An introduction from a respected customer can assist the verification procedure but cannot replace it.

Special Considerations for Minors, Students, the Elderly, and Disabled People

Institutions should be aware that these groups may not be able to provide full documentation. They should have procedures in place to accommodate their needs and ensure compliance with relevant laws and regulations.

These guidelines are designed to help deposit-taking institutions in Antigua and Barbuda implement effective identity verification procedures, reduce the risk of money laundering, and ensure compliance with relevant laws and regulations.