Terrorists as international CU members?
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.