Know your
Customer
As part of Jamaica’s obligation to combat money laundering and terrorism, the country 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?
Know Your Customer (KYC) is the process used by financial institutions such as JNGI to verify the identity of its customers. The objective of KYC is to prevent institutions from being used by criminals for money laundering activities. KYC is regarded internationally as important in preventing identity theft, financial fraud, money laundering and terrorist financing.
What is the purpose of KYC?
The purpose of the KYC exercise is to ensure that customers are properly identified and that JNGI is knowledgeable about its customers and can anticipate the type of business they are expected to conduct. This will assist us in better serving our customers, including tailoring our products and services to serve them better, while simultaneously fulfilling our regulatory obligations.
What are the requirements to be KYC compliant?
At the start of a new business relationship,
companies must request and receive specific information from customers and obtain documents in support.These include:
Documents required from Individuals
- Current photo ID (Driver’s Licence, Passport, Voter’s ID)
- TRN
- Employment information
Documents required from Companies*
- Certificate of Incorporation
- TRN
* Different requirements apply to other organisations.
The assessment of the adequacy of customer information obtained is an ongoing process. There may be instances where we recognise that the information previously obtained from an existing customer is not complete. Contact, therefore, has to me made with that customer to request that the information be provided.
As customers’ circumstances change over time, it is required by law to ensure that information on existing customers is regularly updated to maintain accurate records.
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