29 Aug 2018 in National Assembly:
Hon. Temporary Deputy Chairman, I beg to move:
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29 Aug 2018 in National Assembly:
THAT, the Bill be amended by inserting the following new clause immediately after clause 57— Insertion of new 57A. The Banking Act is amended by inserting the following new clause section 31A in Cap. 488. immediately after clause 31— Information on next 31A. A bank or financial institution licensed under this of kin. Act shall, in respect of all accounts operated at the institution, maintain a register containing particulars of the next of kin of all customers operating such accounts, and shall update this register on an annual basis.
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29 Aug 2018 in National Assembly:
The import of this amendment is that most of the banks do not maintain the details of the next of kin. In case someone dies, then it becomes very difficult to access the bank account because the owner has not indicated the next of kin. We want banks to constantly update the register of next of kin, preferably on an annual basis.
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29 Aug 2018 in National Assembly:
Hon. Temporary Deputy Chairman, it is unfortunate, it slipped my eye. I was supposed to move the New Clause 57A in an amended form. The feeling is that one year is a very short time. Instead of updating it annually, it will be done after every two years to make it reasonable. The banks will not be disturbing you every year to give them information on the next of kin. Hon. Temporary Deputy Chairman, I beg to move:
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29 Aug 2018 in National Assembly:
THAT, the Bill be amended by inserting the following
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29 Aug 2018 in National Assembly:
new clauses immediately after Clause 57—
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29 Aug 2018 in National Assembly:
57A. The Banking Act is amended by inserting the
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29 Aug 2018 in National Assembly:
following new clause immediately after clause
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29 Aug 2018 in National Assembly:
I beg to move that the Committee doth report progress and seek leave to sit again another day, having considered the Finance Bill (National Assembly Bill No.20 of 2018) up to New Clause 57A.
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28 Aug 2018 in National Assembly:
Thank you, Hon. Temporary Deputy Speaker. As I move to reply, I would like to donate two minutes to…
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