WP 163.qxd:WP 163
4/3/09
5:22 PM
Page 111
The Canada-Caribbean Remittance Corridor
111
(a) a customer’s worker’s identification (with a picture) from a known employer; or a birth certificate accompanied by a Declaration of Identification and a photograph both of which (i.e. the Declaration and the photograph) must be signed by a Justice of the Peace (JP), a Minister of Religion or an Attorney-at-Law confirming the identity of the customer; or (b) a customer’s client card (where the client card was issued to that customer by the specific cambio or remittance company itself). Where however client cards are the sole source of identification relied on, the cambio’s records or the records of the remittance company must contain a photocopy of the customer’s official identification as well as corroboration of the customer’s address and source of funds and these records will need to be updated from time to time (see paragraph 46 above). (c) In the case of Remittance Companies, when conducting inbound transactions only, a valid school ID where the student is enrolled in a secondary or tertiary institution may be accepted where the student identified as the recipient, is maintained through remittances sent by overseas parents or guardians responsible for him/her. The ID must have the following features: ■ ■ ■ ■ ■ ■
A photograph of the student Signature of ID holder (student) ID Number Expiry date of ID Name of the relevant academic institution (high/secondary school or tertiary institution Signature of principal/bursar/vice-principal of the relevant academic institution.
The foregoing is applicable only to individuals under the age of 18 years as persons over 18 years of age will have attained the age of majority and will have achieved the age limit to qualify for obtaining other forms of identification i.e. Driver’s License, Voters ID etc. Additionally, the point must be made that this paragraph is meant to facilitate the specific circumstances of remittances from persons (parents/guardians) living overseas to their children/dependants (between the ages of 10 and 17 years of age) in Jamaica for school and living expenses.
Similarly, the BOJ guidance notes recognize that remittance companies and cambios may not be able to apply the same verification process as other financial institutions are required to do, and it suggests alternative verification processes more suited to their operations, including: ■ Checking the signature of the applicant ■ Ensuring that identifications tendered are current and do not appear to be forged ■ Checking that the appearance of the customer is consistent with the picture in the identification material ■ Questioning the customer for confirmation details. When the client is a corporate customer, and/or when the transaction is above US$1,000 or the equivalent, remittance companies are required to apply further due diligence. Customer identification and verification is an important process not just because of international requirements but also because remittances are important part of family financial support in Jamaica. There have been cases, sometimes involving employees of remittance companies or their subagents, where fraudulent ID has been used to claim the remittance of another person. Reporting. The POCA requires all financial institutions to make the threshold for reporting at US$15,000 or an equivalent amount in any other currency, except for exchange