In 2024, Jamaicans will have greater access to the country’s financial system, as financial regulators have removed the mandatory requirement for two references to open and maintain a financial account.
This update applies to all institutions regulated by the Bank of Jamaica (BOJ) and the Financial Services Commission (FSC), which were previously required to request the contact information of two individuals before opening an account.
As a result, Jamaicans will only need their Tax Registration Number (TRN), a valid government-issued or work ID, proof of address, and proof/source of income/earnings to approach a financial institution.
With Section 118 of the BOJ Guidance Notes and Paragraph 183 (h) of the FSC’s Guidelines on the Prevention of Money Laundering no longer mandatory, some financial institutions have already stopped requesting information from two references.
While the requirement for references is no longer mandatory, some financial institutions may still maintain the requirement based on their risk policies.
However, references have been seen by many regular Jamaicans as unnecessary and burdensome, particularly when considering that this requirement does not exist elsewhere in the Caribbean or even the United States of America.
