Johnson, Bankers Association discuss account restrictions | THE DAILY HERALD

PHILIPSBURG–Tourism, Economic Affairs, Transport and Telecommunications (TEATT) Minister Stuart Johnson said at a press conference on Wednesday that he had met with the St. Maarten Bankers Association to discuss the increasing restrictions of local banks to persons opening bank accounts.

“I recognise rules are put in place for us to follow, but these rules should not restrict our citizens from quickly accessing essential services,” Johnson said. “We must ensure that our people can save their life savings without the hassle so they can also have a ‘nest-egg’ in difficult times.”

According to him, the St. Maarten Bankers Association has indicated that it is primarily corresponding banks and the Central Bank of St. Maarten and Curaçao (CBCS) that impose stringent requirements for their information, thus creating the environment for strict regulations.

Source: The Daily Herald