THE BANKERS Association of TT (BATT) has said existing bank customers can initially access $50,000 of the new $100 polymer bills.
The "unbanked" will be subject to a $10,000 limit and will have to sign a declaration of their source of funds.
BATT, in a media release on Monday, said member banks have noted the plan of the Central Bank and the Government to demonetise the existing $100 note and transition to a new polymer note.
It said,"We are committed to working with our customers to make this transition as smooth as possible."
BATT encouraged customers to visit their banks to facilitate the exchange and encouraged them to deposit their cash into their accounts.
For existing bank customers, cash withdrawals or exchanges of no more than $50,000 will be facilitated in the first instance. Withdrawals in excess of $50,000 will only be facilitated in line with the customer’s banking pattern.
"Existing customers requiring amounts larger than $50,000 are requested to advise their bank of their needs and the bank will make best efforts to provide same within 48 hours of notification. Such deposits and/or cash exchange will be subject to the standard due diligence requirements of each bank."
BATT said for people without a bank account,subject to a limit of $10,000, First Citizens Bank, Republic Bank, Royal Bank and Scotiabank will facilitate one-to-one exchange of cash over the counter. These customers will be required to provide one form of national ID which shows nationality; proof of address; and sign a source-of-funds declaration.
"All banks are working diligently to ensure that ATMs are able to accept the new polymer TT $100 note within the shortest possible time frame."
BATT said all banks will continue to be guided by their existing know your customer (KYC) framework and anti-money laundering and counter financing of terrorism (AML/CFT) programmes during this process.