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December 6, 2013
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JNBS aims to boost compliance through campaign

With an increasing number of incidents of money laundering activities and the threat that these practices pose to the stability of financial institutions, worldwide, more businesses are adopting creative strategies to protect their customers, said Tameika-Jo Pockhai, compliance analyst and KYC project manager, Jamaica National Building Society (JNBS).

Institutions, such as JNBS, are romping up efforts and are educating members and employees about the importance of maintaining records and keeping in touch.

"There is so much exposure for the members and the institution, when all parties involved in the process fail to comply with regulatory requirements that are in place to protect their interest," Pockhai said.

Earlier this year, JNBS launched its 'Know Your Customer Campaign', aimed at improving its customer service and meeting the Government of Jamaica's regulatory requirements.

"We are pleased that our members have been responding positively, by updating their records, which will enable us to better protect them and tailor products and services, based on lifestyle preferences," said Pockhai.

Michele Pollard-Gonzalez, executive, Enterprise Contact Centre, said having an adequate client database is essential to the success of 'Know Your Customer' and similar campaigns geared towards knowing more about customers with whom transactions are done.

"Insufficient information in the contact database for many of our members poses a real challenge, one that has to be constantly managed, as people are always moving and evolving."

To address this, businesses have employed a combination of various communications methods to contact non-compliant members.

Electronic and print media are the options used in the absence of, or to supplement, the preferred channels, such as the client's email, telephone number and mailing address.

reward customers

"Recognising our challenge, we have sought to introduce the KYC competition, which has seen an increase in members updating their records. The competition seeks to reward customers who update their records during the competition period," said Pockhai.

Coupled with this challenge is convincing members, who, sometimes, find the process tedious and unnecessary, to come in to branches to update their records, and preparing employees to handle matters, such as this, which can be potentially explosive.

Tasha Manley, chief compliance officer, JNBS, agreed that more needs to be done to make it easier for members to update records.

"Our Compliance Department is working on a number of policies and procedures to improve customers' experience. Emphasis will be placed on updating the records in a friendly, safe, reliable way to meet the Bank of Jamaica KYC regulations, while making it less burdensome for our members."

Getting members to respond to these regulatory requirements takes more than merely supplying them with the facts. By all accounts, the success of any KYC Campaign hinges greatly on excellent customer service by those who interface with members, as evidenced by the account of one customer who, recently, in the print media, shared his comparative encounters, negative and positive, with tellers at two banking institutions, where he held inactive accounts.

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