Credit unions are feeling the pressure as they race to meet a September deadline with the Organisation for Economic Co-operation and Development (OECD) over anti-money laundering and anti-terrorism compliance.
Chairman of the Board of Directors of the Police Co-operative Credit Union Ltd, Hally Haynes, said on Thursday it would cost the credit union upwards of $40 000 for staff training and upgrading of its data systems.
Addressing the annual general meeting of the credit union, Haynes said: “My friends, today we are operating in an environment in which the regulatory landscape is evolving rapidly and the demands for credit unions to meet these regulatory standards are indeed very challenging, complicated and, may I say, costly.”
He said the police credit union must be held to a higher standard to ensure that it never runs afoul of the law or is perceived to do so.
“To this end, I want to appeal to all of you good members of this noble organisation of ‘people helping people’ to contact your credit union and update your membership information as a matter of urgency so that we comply with the AML/CFT (anti-money laundering/counterterrorism financing) regulations.” (HH)
