Credit unions are feeling the pressure as they race to meet the September deadline with the Organization for Economic Co-operation and Development (OECD) on anti-money laundering and counter-terrorism.
Police Co-operative Credit Union Ltd chairman Hally Haynes said on Thursday it would cost the credit union more than $40,000 to train staff and upgrade its facilities. data systems.
Addressing the credit union’s annual general meeting, Haynes said: “My friends, today we operate in an environment in which the regulatory landscape is rapidly changing and the requirements for credit unions to comply with these regulatory standards are indeed very difficult, complicated and, may I say, expensive.
He said the police credit union must be held to a higher standard to ensure they never break the law or are seen to do so.
“To this end, I would like to ask all of you, good members of this noble organization of ‘people helping people’, to contact your credit union and update your membership information as a matter of urgency so that we comply AML/CFT (regulations in the fight against money laundering and the financing of terrorism). (HH)
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