FROM LONDON:
New CIBA Headhits back at Cayman Net News' KYC Criticisms editorial response,"Hotly disputes this"
By Amanda Banks, Tax-News.com,London
Responding to an article run by the CaymanNet News this week which accused banks of being over-zealous intheir implementation of 'Know Your Client', or KYC rules, thenewly elected President of the Cayman Islands Bankers Association(CIBA), Tim Godber observed that:
'It is interesting that you choose to blamethe banks over their request for 'Know Your Client' documentation.You should be aware that this is now a requirement of law, andbanks 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 thrustof your article was that in a small Island, many banks will knowtheir customers personally. Unfortunately, the law does not allowus concessions for that!'
Mr Godber went on to suggest that 'CIBAhas gone to considerable lengths to make the public aware of thisrequirement'.
However, in an editorial response, the newsservice hotly disputed this, arguing that: 'Other than the publicationof CIBA's 'Getting To Know You' document once in one outlet ofthe mainstream press, there is neither posting of such a documentnor distribution of this leaflet that can be accounted for.'
'Only if CIBA can attest that all bankingpatrons were reached by that one token gesture can the publicationof the leaflet be justified as a viable way to reach those whobank at the seven facilities in the Cayman Islands.'