Financial institutions await NIDS

Financial institutions are looking forward to implementation of the National Identification System (NIDS), which is expected to improve their ability to identify consumers and reduce associated risks.
Warren Vernon, Programme Director for the NIDS, says its implementation team has been in dialogue with a number of financial institutions that have indicated their support of the programme, which aims to capture and store identity information for all Jamaicans.
The NIDS team is collaborating with the Bank of Jamaica (BOJ) to examine the existing legal framework for financial institutions, in particular, the Know Your Customer regulation.

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