Know Your Customer
As part of its obligation to combat money laundering and terrorism, Jamaica has enacted laws, specifically the Proceeds of Crime Act, which require insurance companies such as JN General Insurance (JNGI) to implement systems to ensure that, among other things, they properly identify their customers. In addition, JNGI’s regulator, the Financial Services Commission, has issued Anti-Money Laundering Guidelines that all insurance companies must comply with, which also requires us to know our customers.
WHAT IS KYC?
IF WE KNOW YOU BETTER WE CAN SERVE YOU BETTER
The purpose of the KYC exercise is to ensure that customers are properly identified and that JNGI understand its customers and can anticipate the type of business they are expected to conduct. This will assist the company in better serving its customers, including tailoring our products and services to serve you better, while simultaneously fulfilling our regulatory obligations.
HOW CAN YOU HELP?
The first element is to ensure that at the start of a new business relationship, companies request and receive certain information from customers and obtain documentation in support including:
- Current photo ID (Driver’s Licence, Passport, Voter’s ID)
- Proof of address (e.g. Utility Bill)
- Character references: click here for Reference list
- Employment information
- Source of funds
- Certificate of Incorporation
- Information on Directors and Shareholders
* Different requirements apply to other organizations.
Secondly, the assessment of the adequacy of customer information obtained is an ongoing process. Therefore, there may be instances where we recognize that the information previously obtained from an existing customer is not complete and so we must make contact with that customer and request that the information is provided.
Finally, because customers’ circumstances can and do change since the relationship with JNGI was first established, the law mandates that information on existing customers must be regularly updated.