, a passport is adequate documentation in itself for account opening. in the absence of the passport, a list of other government issued identity documents is acceptable. verification of address by proof of a utility bill has given way to establishing proof that the client can be contacted by electronic or other means. the central bank of the bahamas has also made it clear that high risk does not mean than an extra burden should be imposed to identify oneself — rather more due diligence should be exerted around the other dimensions of how a relationship is established and monitored. also, for low - risk retail prospects, the central bank has gone on record to state that the potential customer does not have to offer proof of employment in order to open a bank account. the central bank of the bahamas has already placed its support behind this acams training initiative. it will allow the bahamas to make more necessary, qualitative process in perfecting its national aml / cft regime. for all of the bahamian financial sector regulators, and the rest of the financial services industry, this provides more concentrated opportunities for in country training. 1 / 2 bis central bankers'speeches i congratulate the founding steering committee and the executive board of the acams bahamas chapter and assure you of the central bank ’ s sustained support. thank you. 2 / 2 bis central bankers'speeches

segments of our financial community. we are now attempting to reverse this through more proportionate risk - based systems. beyond banking, affordability of access is more constrained in property insurance markets, where financial vulnerability is heightened because of the increasing frequency and intensity of hurricanes, which can in a single season push households into ruin. finally, relevant to the themes of consumer empowerment, we recognise the scope for improved literacy and conduct regulations to improve financial welfare. 1 / 2 bis central bankers'speeches as it should be, political pressures to address financial inclusion deficits are mounting in the bahamas, and there has to be comprehensive constructive responses. in the strategies that the bahamian central bank is formulating, we understand that the private sector will not optimally achieve all of the outcomes that we desire. we recognise that an enabling environment that embraces the aspirations of the maya declaration, with a focus on fintech, to promote digital inclusion is critical. this is defining very critical elements of our approach. however, we also have to identify those elements of both the policy space and technology infrastructure that ought to be supplied by the public sector. for example, the central bank of the bahamas is engaged in the creation and promotion of a digital version of the national currency which is expected to close vital payments system gaps for the bahamas that many countries are able to leave up to the private sector to resolve. at the same time, the bank has volunteered to coordinate development of a national financial inclusion strategy that would enlist all relevant stakeholders, and focus on more than just payments and banking. we are already seeing the benefits of our membership in the afi, in bringing sharper focus to our financial inclusion initiatives. in that spirit, we look forward to a continued build out of this network of peers, capturing all of the accessible knowledge and experiences that you have to offer. coming into these working group meetings i expect that we have broadly similar goals, and expectations ; and that there will be mutual gains from our exchanges over the next four days. indeed, we have two very stimulating agendas. as we have received you as our guests, we hope too that you will find time to experience a sampling of our culture and the beauty of our people and country. welcome again and my best wishes for a productive week! 2 / 2 bis central bankers'speeches