Why is it much easier to open a bank account in the United States than it is in The Bahamas? Why don't we copy and use the KYC that banks in the US require?

We do. But the "numbers boys" cannot meet those requirements. Hence the gripe.

I am sorry that is just an asinine comment. The FTRA & FTRR, the laws that govern our KYC/AML regime became law in 2000 way before there were any "numbers boys".

So what? I have never had a problem with opening bank accounts. All done in 7 days: passport, utility, source of funds, etc. But then I don't have a murky past, don't run a porn website or profit from online or physical gambling and don't accept cash. Those are the guys that have problems. And they all want to bank here because they have been told to sod off by every other jurisdiction.

The KYC rules are ridiculous. I tried to open a company account at FCIB and the process is maddening. They same to totally ignore the fact that a corporation is separate legal entity from its owners.

When you suggest international regulations are putting undue pressure on the Bahamas they say you are anti/foreign. I say many things foreign are anti-Bahamian . And many who are included don't have the moral authority to be regulators

15 minutes of time ,a passport= account open at BOA.

can also be done online

We fail to see the connections between the crime, poverty rate, failing economy and the attitudes of our people.
All things connected with doing business, or just paying a bill have stymied our ability to be competitive and prosperous.
KYC is just one facet of this total failure.
Yes, total failure of this country.

the onerous rules imposed by the imperialists are nothing less than modern day colonialism and intended to economically cripple small, 3rd world countries so they remain 3rd world and dependant on 1st world handouts that come with strings attached. its utter BS and we can't do much, if anything, about it.

Grow up!

Here is why we have those onerous KYC rules. Pre-2006 (can't remember the exact year) but the KYC/AML rules were explicit. Then they were revised. Instead of rules, there were guidelines to follow & the message from the authorities was *"we don't care exactly how you enforce KYC/AML, but if you do something that contravenes the guidelines and gets you into trouble, your azz is in a sling. So it is up to you as to how you enforce it, but you better do your job!"*

Back to The Bahamas. Dodgy Q. Customer approaches John Big Lawfirm & says *"I want to create an IBC to do shiite with money".* John Big Lawfirm sees the client as fresh meat to pay exorbitant legal fees. ($400+ an hour for filling out forms that can be done online). So the big lawyer gives the customer some paperwork & Dodgy goes to the bank. He wants an account for the IBC & a personal account so that he can siphon off funds from the IBC & use the money.

At the bank,is our bright-eyed boy Fresh-Face Bahamian Banker. He looks at the papers, & realises that they have a smell akin to the wrapping of last week's fish. He tells Dodgy Q. Customer that somethin een right. Customer excuses himself & calls John Big Lawfirm on his cell phone. 30 seconds later Aaron A. Arsewhole, QC is on the line with FF Banker & says *"We have $30 million in accounts at your bank. If you doan open dem accounts, yer azz is grass!"* & hangs up. FF Banker opens the accounts & he knows that he has sold his soul & is on the road to perdition.

Later Dodgy Q. Customer comes to the attention of the IRS & SEC. These boyz een playin'. They go to the bank head office in Toronto & say *"Give us the records of Dodgy Q. Customer, and WTF are you doing givin' him accounts. If you wanna do business in the US then you will comply or else".*

So the bank sends down the big boyz from Tronno & slaps down FF Banker & puts him in charge trying to sell sub-prime mortgages to unsuspecting Bahamians. In the meantime, they train up Jezabel Succubus, Chief Compliance Officer to examine every account application. They doan care if it takes 40 years to open an account. She has to sign in blood saying that if she fooks up, it is her responsibility & they will take it outta her hide.

The next time another dodgy or regular customer comes, the a smarter Freshier Faced Banker takes da paperwork and says *"we working on it".* AA Arsewhole, QC phones up & says why you een give my customer an account? FF Banker says *"Call Jezabel, it's outta my hands".*

So Arsewhole the Lawyer phones Jezabel and says *"Do you know who I am?".* Jezabel responds *"I am so glad that you called. I need you to answer some questions about your role in the last IBC that you made. The SEC and IRS wanna know. And if I give 'em your name, well no more Hialeah Walmart trips fer you. Now what was it you were asking about?"*

Aaron A. Arsewhole QC meekly says *"Nuffin'"* & hangs up.

Spot on. It is the dodgy people that have trouble. As they should.

Banker I love the way you get to the point---Keep up the good work!

Banker, congrats! I so enjoyed your short story above...please share the next installment. You got talent!

I think you would be a great candidate to fill Larry Smith's spot - honesty with dose of civilized humor....

There is absolutely no way that I can fill Larry's spot. For starters, I have been corrupted. I am not a good enough person. It used to p*ss me off that Larry could see good in even the most wicked person alive. He would give you the benefit of the doubt until you've proven yourself not worthy of his attention. I am too judgmental. And there is another reason that I don't qualify -- I can't eat $50 worth of sushi in one sitting. :o)

Funny as all Banker, Not to fill Larry's shoes but certainly pick up where he has left off,
R.I.P. Larry.
Micro management has killed this country, politically, (silent consent) functionally (civil service self preservation, conversion of authority to personal power) economically (sit on the pile of money, take no risk) Mental stagnation also has deep roots. Nothing will change, but everything will decay. Even the politicians who have "acquired wealth" via "public service" sit on the millions, following the practice well established. No imagination, over regulation.
Pathetic and difficult to break.

Maybe Marlon will be a ray of hope. I for the life of me can't understand the move, but hey -- if it works and if he works, maybe it is a portent for change.