, 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

this resulted in a sharp decline in prices for these securities, which then spread to a range of mortgage - backed instruments. in the course of summer 2007, it became clear that the losses had spread to banks, funds and financial establishments in europe, asia and the us. the turbulence also spread to other financial market segments. few knew who was exposed to losses, and financial market participants started to question counterparties ’ financial situation, and held on to their money. many banks have sustained substantial losses on their own investments related to these markets, but have also had to bring back onto their books loans from companies they had established. this has reduced their capacity and willingness to provide new loans, and a number of the largest financial institutions in both the us and europe have had to raise substantial new capital. crises and turbulence are built into the workings of the market. the search for yield and market shares may at times become too intense. one lesson from the turbulence so far is that developments in the financial system, with new financial products combined with a possible lag in legislation and regulation, have rendered the financial system vulnerable. the turbulence has also shown that in a situation of widespread uncertainty and turmoil, different segments of the financial market are interconnected, which is not evident under normal circumstances. an important aspect of the current turbulence is the sharp increase in the price of interbank liquidity. history shows that there have been periods where the spread between banks ’ funding costs in money markets and risk - free interest rates has increased sharply, but these periods have been relatively short. the persistence of the wide spreads today suggests that banks ’ confidence in other banks ’ credit quality has been reduced. this would also indicate that banks prefer to hold substantial liquidity in order to limit their own funding costs. the persistently wide spreads is also an indication that this episode of turbulence is not yet a closed chapter. orientation of monetary policy monetary policy in norway is oriented towards annual consumer price inflation of close to 2. 5 per cent over time. inflation has been expected to pick up for some time. since summer 2005, the key policy rate has been raised by 3. 5 percentage points to 5. 25 per cent. norges bank ’ s interest rate setting is based on two main criteria for future interest rate developments. first, the interest rate is set with a view to stabilising inflation close to the target in the medium term. the horizon will depend on disturbances to which the economy is exposed and their effects on prospects for the path for