Membership Update Drive 2015
The Foreign Account Tax Compliance Act (FATCA) was passed by the United States Government in 2010. Under this legislation, non-U.S. financial institutions like CLICO Credit Union Cooperative Society Limited are required to identify and report on existing members who are U.S. citizens for the purpose of determining their U.S. tax status.
In addition we are also required by law, as outlined by Financial Action Task Force (FATF) to identify Politically Exposed Persons (PEPs) i.e. “an individual who is or has been entrusted with a prominent public function” (FATF).
As a financial institution CLICO Credit is obligated to follow all compliance requirements and as such we must identify our members who may be U.S. citizens and/or PEPs. Therefore, in order to gather this information we have once again revised our membership update form which we urge you to complete at your earliest convenience.
The new membership update forms are available on our website and at our member services counter. These forms must be returned with two copies of your Identification i.e. Passport, National Id and/or Driver’s Permit and proof of address, i.e. Bank Statement, Utility Bill.
Ensure that you are updated today!