Banks urged to adopt simplified account setup as government pushes ease of business reforms

The banking and financial sectors have been encouraged to work towards supporting the Government’s agenda of improving the ease of doing business in Guyana, particularly through the implementation of Supervision Guideline 13, which reduces the level of requirements for the establishment of a bank account.

This call was reiterated by Mohabir Anil Nandlall, Attorney General and Minister of Legal Affairs, during a meeting with representatives of the banking and financial sectors on Wednesday, October 15, 2025. The session followed earlier discussions with President Dr. Mohamed Irfaan Ali and focused on addressing legislative and regulatory concerns within the sector.

Nandlall was joined by Collin Croal, Minister of Housing and Water, and Susan Rodrigues, Minister of Tourism, Industry and Commerce, along with senior officials from both Ministries, Finance Secretary Sukkrishnalall Pasha, Registrar of Commerce Reza Manraj, and Head of the Financial Intelligence Unit Matthew Langevine.

The meeting examined critical issues raised by the banking sector concerning the implementation of the Security Interests in Movable Property Act 2024, the Electronic Communications and Transactions Act (ECTA) 2023, and the Condominium Act 2022. These laws—passed within the last three years—form part of the Government’s drive to modernize the legislative framework to match the realities of contemporary banking and financial transactions.

The discussions centred on the practical operationalization of the Security Interests in Movable Property Act and stakeholder training under it; the use and acceptance of digital signatures under the ECTA for incorporation and other banking documents; and the registration of mortgages for condominium units.

Clarifications were provided, and key timelines were agreed upon for the full implementation of the Security Interests in Movable Property Act. It was also agreed that guidelines will be disseminated to assist the banking sector with registering mortgages for condominium units.

Nandlall reminded stakeholders that while all financial institutions must operate within the framework of the AML/CFT Act and regulations, Guyana’s AML/CFT rating remains high based on the most recent mutual evaluation. He emphasized that “ongoing review of the requirements are currently being undertaken, on the instructions of Government, with the aim of further reducing the burden of doing business.”

The meeting concluded with commitments from both the Government and the banking and financial sectors to continue strengthening dialogue and addressing legislative and operational gaps to ensure that the Government’s objective of ease of doing business—championed by President Ali—remains an achievable national priority.

High-level representatives from Republic Bank Guyana, Citizens Bank Guyana, Scotiabank Guyana, Guyana Bank for Trade and Industry, New Building Society, Bank of Baroda, Demerara Bank, and the Bank of Guyana attended the meeting.