Republic Bank is stopping the service of accounts of private members clubs operating in the country.
The bank said yesterday it conducts reviews from time to time in order to inform relevant decisions that impact its operational, business and compliance requirements.
“In this regard, the bank regrets that it is no longer in a position to maintain and service the accounts of private members clubs/casinos,” the bank said in an emailed statement to the Express.
“This decision was taken as a result of the significant impact that this type of industry has on the bank’s compliance requirements. Republic Bank understands that many banks in the country have adopted a similar approach.” The bank said it valued the relationships it has built with its customers and is keen to ensure a smooth transition.
It has begun the finalisation process, which includes formal correspondence and meetings between private members club customers and their respective branch managers.
The bank did not say how long this will take but it is understood that the process will continue for several weeks.
The bank said service to other personal and/or business accounts of those affected will not be impacted by this decision, provided these accounts are not associated with the operation of private members clubs/casinos.
Finance Minister Larry Howai said last year data from the Financial Action Task Force showed there were more than 70 private members clubs operating in the country by 2009.
He announced plans to better regulate the gaming industry which he said could realise $300 million in additional taxes for the State.