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Dáil Éireann debate -
Thursday, 12 Apr 2001

Vol. 534 No. 5

Written Answers - Financial Services Regulation.

Róisín Shortall

Question:

114 Ms Shortall asked the Minister for Finance the progress to date in issuing revised guidance notes to financial institutions to ensure that measures adopted by institutions should not deny persons from particular social groups access to financial services on the grounds that they do not possess specified identification documentation; if these revised guidance notes will be issued in time to allow such groups participate on the new Government savings scheme; and if he will make a statement on the matter. [11277/01]

I refer the Deputy to my reply of 27 February 2001 to a similar question from Deputy Upton.

There has been significant progress in drafting revised anti-money laundering guidance notes covering the area of customer identification to ensure that access to financial services is not denied to particular social groups on the grounds that they do not possess specified identification documentation. Work is continuing on finalising the guidance notes with a view to issuing these shortly. Pending the issue of the revised guidance notes, it should be noted that the existing guidance notes give financial institutions adequate discretion to deal with customers who may not have the principal forms of recommended identification documents.

In relation to the new savings scheme known as special savings incentive accounts – SSIAs – which commences on the 1 May 2001, guidelines on this scheme are currently being prepared by the Revenue Commissioners and will be issued to the financial institutions shortly. Every individual, who is resident in the State and 18 years of age or over, can save in one of these accounts. This is so whether an individual is married/unmarried, employed/unemployed or working outside the home/working in the home. On opening an account, an individual will be required to supply his or her PPSN – personal public service number – to the financial institution concerned.

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