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Three Barbadian AML/CFT (Anti-Money-Laundering and Combatting the Financing of Terrorism) experts recently took part in an online panel discussion entitled “Customer Due Diligence, Reporting Obligations, and Monitoring.”
During the 90-minute forum, Jennifer Clarke-Murrell, Deputy Director (Ag.) of the Central Bank of Barbados’ Bank Supervision Department; Cyralene Benskin-Murray, General Counsel of the Financial Services Commission; and Kirk Taitt, Director of the Financial Intelligence Unit first put the topic into context, explaining why due diligence is necessary, then highlighted the importance of balancing complying with international regulatory guidelines and maintaining a positive customer experience.
While acknowledging that the Know Your Customer (KYC) process can feel onerous to customers, and offering potential alternative ways financial institutions can confirm the identities of potential and current clients, the panel also explained how these safeguards actually benefit and protect accountholders.
The event was hosted by the Central Bank of Barbados and the Financial Services Commission.