The Banks are Facing Inactive Assets
The Financial Institutions including all commercial banks are discovering that several individuals and entities have failed to follow the Anti Money Laundering Act and their accounts could be deemed inactive after the end of the month. Capitol News understands that even some members of the Legal profession have not taken the new laws seriously at least not so far. Another serious problem if the individuals and entities do not turn up to identify themselves is that their ATM cards or points of sale transactions would not operate after the deadline.
Over the last year or more the Guyana Government has been encouraging account holders to literally go into the banks to verify their current address but the plea fell on deaf ears so many times that the Finance Minister was forced to push back the deadline. Now the accounts will definitely be deemed inactive after April 30th this year if the account holders do not prove their identities and their addresses.
Even account holders who were out of the country and left substantial sums in Guyana rushed back to put their houses in order. But this newscast has learnt that several thousand account holders have either been delinquent or dilatory in straightening out their financial matters. Some have not taken the law too seriously because even those who have loans with the banks have been threatened ‘to have those accounts frozen’ if they do not comply. But for nearly all of the loans the personal information is already on file.