The Government is giving away $2500 to the first 100,000 people who open low ‘KYC accounts’ after April 1. But what are KYC accounts and which banks have them?

KYC stands for Know Your Customers requirements. Most financial institutions have KYC requirements in order to meet Government and international banking regulations.

However, these requirements can make the process of opening a bank account difficult and sometimes impossible for some people.

To bring more people into the formal banking system, the Government passed legislation which gave banks the ability to have customers open accounts with low KYC requirements.

KRM has compiled a list of all Jamaican banks that have low accounts, their benefits and their restrictions.