Banks blasted for requiring excessive documents
Local banks are being accused of going overboard with the amount of personal documentation they demand from customers, with Talking Points host Violet Gaul describing some of the requirements as excessive and even “foolishness.”
During a recent interview with Police Commissioner Richard Ullger, Gaul questioned why residents are routinely asked to provide passports, driver’s licences, utility bills and other documents as part of banks’ Know Your Customer (KYC) requirements.
“Here, they’re asking you for passport, driver’s license, this, that, and the other,” Gaul complained, contrasting the process with her experience opening bank accounts in the United States.
She said a banker told her the requirements were connected to efforts to combat money laundering and drug trafficking, but Gaul questioned how repeatedly providing documents such as an electricity bill helps banks determine whether someone is involved in financial crime.
Ullger defended the need for strong financial safeguards, pointing to the BVI’s current grey-listing status and the importance of satisfying international standards as the territory works to strengthen its anti-money laundering framework.
“It is so, so important for the islands to come off the grey list,” Ullger said, warning that remaining listed could hamper banking and business. Gaul, however, argued that the BVI may already be doing more than some larger jurisdictions that scrutinise the territory.
“I think we are doing better at policing these things than the UK, for instance, and even the US,” she said.
Gaul also highlighted the difficulty of providing a utility bill when household accounts are registered in a spouse’s name, questioning how such requirements meaningfully prove whether a customer poses a money-laundering risk.
While not dismissing the criticism, Ullger maintained that banks and other financial institutions must continue collecting the necessary documents as part of efforts to combat money laundering and other financial crimes.
He explained that financial crimes are extremely difficult to investigate and prove, often requiring significant time and resources. Ullger said the RVIPF has between eight and 10 officers dedicated to financial investigations, spending considerable time analysing computer records, consolidating figures and gathering evidence needed to bring cases before the courts.
He described this as the “unseen policing” that members of the public rarely see, stressing that banks, insurance companies and other businesses also have a role in preventing illicit funds from moving through the financial system.
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It is pure BS. Every six months banks and insurance companies asking for the same documents. If my passport ain’t expired why you want a copy when you have it already. The common man on the street can barely pay the electricity bill and you think people laundering money SMFH
The people who laundering are the ones who the banks helping the easiest.
With all the sophiscated data analysis and AI avaiable the people putting in a little 2 or 3 thousand dollar or sending to help Family are in the same catagory as someone cleaning millions of dollars and no one is able to tell the difference. This is akin to throwing out the baby with the bathwater. as poster said pure BS.as usual thinking is backward the belief is tha there will be less jobs etc so keep the red tape and redundancy in place .
Especially when its your bank that you been doin banking with for YEARSSSS why do i need to provide all this stuff. find out if any circumstances have changed that will require updated info and ask for that. Its very very annoying. like i LITERALLY BANK WITH YOU!!!!
and don’t talk about anything with a loan, they want your whole life history to give you a little bit of money
Finally someone asking the right questions…passports and utility bills go towards verifying ID and address, but do nothing to combat Money Laundering…banks and other intuitions and regulators need to start asking the right questions and getting documentation about source of wealth and source of income and associations etc…but this wont happen in a hurry…as long as regulators keep fining companies for outdated passports or utility bills…
Stop whining. Its called Anti Money Laundering procedures and the Banks are required to obtain the information and documentation. As they are the USA as well.
In the US an account can be opened on the phone from your home with mothing more than a drivers licence and SS# dont even have to set foot in the bank, In fact when you do go tothe bank they encourage you not use some of the convenient apps so you can do many of tese functions from home so no its NOt whining you people just love having that feeelingof power over people . Having something easy and convenient is a BVI bureaucrat’s worse nightmare but AI going to soon take care of you all Mother sK…
You stupid
That’s why the BVI is top of the world for company money. The FBI won’t get past the security guard in the lobby when they come looking for the crooks. Or the bank closed early. Or too many bank employees off sick today Boss. Come back tomorrow! It’s a natural built in security system! Strupes! And with all the steps needed (and repeated), most of us just give up and the bank be happy.
In developed countries you can just download the bank app of your choice and sign up for an account. you just provide your ID and proof of address and some other info through the same bank app. the information is verified and you get your account without setting foot in the bank or having to talk to anyone they just mail you the card. we in 2026 moving like its 1999
The banks and trust companies need qualified compliance professionals who look beyond the tick the box approach and who have the ability to analyze on a case by case basis from a risk management perspective and the AML legislation, how to navigate each transaction. It’s okay to have a compliance diploma, but with no experience, that individual lacks the analytical ability and the bank or company end up with all this KYC that is obtained as though the transaction required enhanced due diligence. All this ID and hardly any source of funds information and nature of the business activities or how the person’s income is obtained.
This is outrageous.
Ronnie doesn’t even want to go through airport security in case they find he loaded up with the wrong items.
How can he ever get a loan at a bank if they want to check he not up to no good or find if he has been up to no good.
We all want to join the Ronnie, no questions asked, line if he has one at the bank like he has at the airport.
no one is asking that bank not conduct due diligence but this is about over reach , redundancy and obselete red tape . its ridculus that a Territory the touts itself as the financial capital of the Caribbean cannot not figure how to execute simple processes for their customer .
ITS the crazy world we are living in, the world of USA over-reach. It is not just a requirement for the BVI but right across the Caribbean they are asking for these ridiculous documents to satisfy the USA.
Now you also have to declare US citizenship and political affiliation all USA requirements. What I want to ask the Banks is why does it takes 6 months to a year to get approval for a mortgage even after all paper works have been submitted.
I remember a guy who “escaped” from prison and was on the run for years. Only to find out the guy was in some high value rental paying over or around $5k per month. Being paid and registered by someone not even making half that on their salary.
Where was the banks due diligence then? Where was the real estate agents due diligence? It is always the small man who pays the price.
Maybe, just maybe they would start requesting a darn blood test