What is KYC? MCCU Legal Obligation MCCU Members are urged to

Know your customer is a legal requirement that refers to the process of collecting and verifying specific information about customers or members that aid in identifying who the member is and what the member does.

Who does it impact?

  • All MCCU members (new and existing)
  • MCCU suppliers and customers

Why is KYC important?

As instances of fraud and other crimes facilitated through the financial systems have become more prevalent, financial institutions worldwide have had to adopt more stringent requirements to detect illegal activities. It has become mandatory for the management and staff of financial institutions in Jamaica to know their members and customers, in order to reduce these incidences. KYC information allows us to better serve you our members, through communication, product development and the execution services. It serves as a risk management tool in the detection of unusual or suspicious transactions processed on our members’ accounts.

The Proceeds of Crime Act (POCA), the POCA (Money Laundering Prevention) Regulations, 2007 and the Terrorism Prevention Act set forth guidelines for financial institutions to apply best practice procedures as it relates to persons with whom they have a business relationship. KYC is one such mandated requirement.

Having an effective KYC solution in place, means that MCCU will:

  • be better able to train and equip staff with tools to assist them with identifying money laundering, terrorist financing, identity theft and other such activities
  • implement policies and procedures that will ensure that employees exercise due diligence in performing their duties and are held accountable for actions
  • result in timely processing of transactions
  • drive increased efficiency throughout the operation
  • provide meaningful products and services based on needs
  • reduce the Credit Union’s risk of becoming accidentally involved in money laundering and illegal activities.

An effective KYC solution requires:

  • a review of members’ records every seven (7) years to ensure that they remain up-to-date and relevant
  • increased monitoring of transactions for efficiency and accuracy
  • the implementation of robust risk management solutions
  • the implementation of customer identification procedures

Absence of an effective KYC solution can result in your Credit Union, as well as individual employees, being subject to civil and/or criminal penalties.

  • provide your current documents
  • cooperate with our employees when asked to verify any information
  • notify us if your banking practices have changed
  • notify us if any of your contact information has changed
  • telling us who you are doing business with

MCCU will take reasonable measures to verify information provided by our members. We reserve the right to refuse any transaction or end any business relationship that is deemed in breach of KYC requirements.

Please help us to serve you better! Help us to be KYC compliant.

Visit or call our offices to find out if your records are current. We are here to assist you.

Montego Co-operative Credit Union Ltd. –

“Serving you is what we do best!”

 

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