New CIBA Head Hits Back At Newspaper's KYC Criticisms

by Amanda Banks, Tax-News.com, London

23 August 2002

Responding to an article run by the Cayman Net News this week which accused banks of being over-zealous in their implementation of 'Know Your Client', or KYC rules, the newly elected President of the Cayman Islands Bankers Association (CIBA), Tim Godber observed that:

'It is interesting that you choose to blame the banks over their request for 'Know Your Client' documentation. You should be aware that this is now a requirement of law, and banks do not have any choice but to ask for this information, and to have documentary proof of having done so.'

He continued: 'No doubt part of the thrust of your article was that in a small Island, many banks will know their customers personally. Unfortunately, the law does not allow us concessions for that!'

Mr Godber went on to suggest that 'CIBA has gone to considerable lengths to make the public aware of this requirement'.

However, in an editorial response, the news service hotly disputed this, arguing that: 'Other than the publication of CIBA's 'Getting To Know You' document once in one outlet of the mainstream press, there is neither posting of such a document nor distribution of this leaflet that can be accounted for.'

'Only if CIBA can attest that all banking patrons were reached by that one token gesture can the publication of the leaflet be justified as a viable way to reach those who bank at the seven facilities in the Cayman Islands.'

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