MANCHESTER, U.K. - Credit unions in the U.S. aren't the only ones being told to comply with the Office of Foreign Assets Control (OFAC) regulations. Credit unions in the United Kingdom have been asked to check their membership against a list of suspected terrorists. The Association of British Credit Unions (ABCUL), in compliance with a request made to all financial institutions in the U.S., put out a notice requesting that all credit unions compare their membership lists to that on the FBI Web site at www.fbi.gov or the Financial services Web site dedicated to the same purpose www.fsa.gov.uk/pubs/other/fsa125.pdf . ABCUL spokesperson Abbie Shelton reminded members that, "Under the Money Laundering Regulations 1993, a credit union must obtain two proofs of identity prior to opening a new member account." If credit unions discover they have an account from one of the suspected terrorists, the Money Laundering Reporting Officer should report the information immediately to the National Criminal Intelligence Service in the usual manner.
This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the "Reprints" link at the top of any article.
From the November-28, 2001 issue of Credit Union Times Magazine • Subscribe!
Terrorists as international CU members?
Want the latest credit union news?
Sign up for our free newsletter today! All the breaking credit union news and information you need to make the right decision for your credit union delivered to your inbox. For free!
Thanks for subscribing, you will start receiving the Daily News Alert tomorrow!
Comments
Resource Center
View All »
Measure and Monitor the Risks and Opportunities in Loan Portfolios
Get a complimentary demo of our loan portfolio analytics and access to the white paper,...
