MP Irion's amendments passed as Parliament adopts basic Banking Law for St. Maarten

GREAT BAY--Parliament today adopted the Basic Banking Law for consumers, with two amendments submitted by Member of Parliament Ardwell Irion incorporated into the final legislation.

Irion, who initiated the original legislation and presented it to Parliament during a Central Committee meeting in November 2023 while serving as Minister of Finance, said the amendments were necessary to ensure banking services keep pace with global digital developments and better serve the local population. He emphasized that paid service providers must make the basic banking account digitally accessible through online banking and mobile apps, so that key interactions with the account can be handled digitally.

Amendment 1: Digital access to the basic payment account: Passed 9 votes for, and 4 against.

Article 2A, Digital management: Payment service providers must, insofar as they also offer this service to holders of regular payment accounts, offer the option for holders of a basic payment account to manage that account digitally.

Article 2B, Digital actions: Payment service providers must ensure that, insofar as this also applies to regular payment accounts, actions related to the basic payment account can be carried out through digital means.

Irion said the intent is that essential services, such as opening an account, requesting a card, obtaining account letters, and closing an account, should be fully available through digital channels for basic account holders, not only for customers with standard accounts.

Amendment 2: Written reasons for refusal, plus annual reporting: Passed unanimously.

Article 4, paragraph 2 (new text): A refusal must be made immediately, in writing, and free of charge, with reasons given, unless providing those reasons conflicts with the national ordinance on combating money laundering and terrorist financing, or with the security of the country or public order.

Article 5, paragraph 4 (new text): Article 4, paragraphs 2 and 3, apply correspondingly to the notification referred to in paragraph 2 or 3.

New Article 6A, Reporting: Payment service providers must provide annual reports to the Minister of Finance, via the Bank, on the basic payment account. Further rules on these reports will be set by ministerial regulation, established in agreement with the Bank.

With regards to the MPs who voted against digitalization for various stated reasons, including pending legislation in which the matter was addressed, MP Irion said the basic banking account process began around 2020 to 2021 and only reached Parliament in 2023. Now in 2026, and he argued that delaying action any longer would mean residents keep suffering while government waits on other legislation. He said his position is that St. Maarten must move forward digitally, in line with what is happening worldwide, and that adopting the amendment now would not disrupt anything else, but would bring basic account holders into the modern age and help move the island forward.

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