The Account Opening Process

Financial institutions in Guyana are guided by Anti-money laundering/countering the finance of terrorism (AML/CFT)  legislation & regulations in requiring certain documents from customers when opening accounts and transacting business.

To open an account, a customer must establish their true identity. Institutions must be able to determine that a customer’s identity is not fictitious, that is, the customer is who he/she claims to be.

A range of documents are used by banks to establish a customer’s identity and nature of business. These include:

  1. Identification with photograph – Passport, ID card, Driver’s licence
  2. Current Proof of address (issued within 6-8 months) –Driver’s licence, Utility Bill (Electricity, Water, Telephone or Cable), Postage Mail
  3. Source of income/funds – your deposits to your account should be explained by a legitimate source of income: Job Letter/Payslip/Financial Statement
KYC Documents - Individuals Standard On-boarding Documents

  1. Valid Passport (Foreign), ID card, Driver’s licence OR Character Reference

  2. Current Proof of address (issued within 6-8 months) –Driver’s licence, Utility Bill (Electricity, Water, Telephone or Cable), Postage Mail, (Employment Contract/Confirmation from employer) for a Foreign National OR Social Security Number/Employer Identification Number/Other TIN  (for US Residents/Citizens)

  3. TIN Certificate (required for Foreign National working in Guyana)

  4. Banker’s Reference

Salaried Persons

  1. Letter of employment from employer stating that you have worked with the company for X time, and details about your position and compensation.

  2. Payslip

  3. Printouts from employee wage accounts, eg, Walmart account.

  4. Bank statements showing deposits or transfers reflecting payment of wages.

Self Employed Persons

  1. Income statements prepared by: 1) customer, 2) accountant/Affidavit of income/Cash Flow Projection (for new businesses)

  2. Valid Regulatory Permits/Licences E.g Fuel (if applicable)

  3. Valid Business Registration (if applicable)

Companies

  1. Recent Audited Financial Statements/Income & Expenditure Statements/Cash Flow Projections (for new companies)

  2. Valid Regulatory Permits/Licences E.g Fuel (if applicable)

  3. Relevant and Valid Company documents: E.g Certificate and Articles of Incorporation, TIN Certificate, By-Laws, Relevant Board Resolutions

  4. Most recent Annual Return (if established in excess of 1 year)

  5. KYC documentation for signatories, directors & beneficial owners (defined by 25% ownership). Minimum KYC includes identification & proof of address for these persons.