Dear Member,
Over the past few weeks, we have been sharing information about changes being introduced at Bermuda Credit Union as we strengthen our Know Your Customer (KYC) processes to meet the regulatory requirements of the Bermuda Monetary Authority (BMA),
We are now ready to share more about when these changes will begin and what you should expect when doing business with BCU and how you can prepare.
What is changing?
From 15 September 2026, BCU will begin using new and updated processes and forms to support certain member services and transactions.
Depending on the transaction or service you require, our team may need to ask additional questions or request information to better understand the nature and purpose of the transaction. This may include information relating to the source of funds being deposited or transferred.
You may also notice updated requirements when:
- conducting certain deposits or transfers;
- requesting electronic transfers;
- updating your personal or account information; or
- applying for or making changes to other BCU products and services.
Our team will advise you when additional information is required.
Keeping your member information up to date
BCU will also begin a phased review of the information we hold for our existing members.
As part of this review, over time, every member will be contacted by BCU to provide or confirm information, or may be asked to do so when visiting a BCU branch or conducting business with us. This may include information relating to your identification, address, employment, income and expected account activity. Depending on your circumstances and the information already available to us, we may also request other information or supporting documents to ensure that your member profile is complete and up to date.
Members will be contacted as this review progresses. You do not need to submit these documents until BCU asks you to do so.
What can you do to prepare?
While you do not need to take immediate action in relation to the member information review, we encourage you to:
- respond promptly if BCU contacts you to update your information;
- ensure that your contact details with us are current;
- be prepared to provide additional information when conducting certain transactions; and
- allow a little additional time where information or supporting documentation may be required.
What this may mean for your experience
Some of these requirements may be different from what you have traditionally experienced when dealing with BCU. You may be asked additional questions or to provide supporting information, and some transactions may take a little longer while the necessary information is obtained and reviewed.
Our team will work to make the transition as smooth as possible and to support you throughout the process.
We ask for your patience, understanding and cooperation as these changes are introduced. These are important safeguards that help BCU meet its regulatory responsibilities, protect our members and the Credit Union, and support the continued stability and sustainability of BCU.
Why your cooperation matters
Keeping accurate and current member information is an important part of BCU meeting its regulatory responsibilities and protecting the Credit Union from financial crime and other risks.
Your cooperation therefore plays an important part in this transition.
A stronger BCU benefits all of us. Together, these changes will help support the continued stability and sustainability of your Credit Union while ensuring that BCU continues to meet the standards expected by the BMA.
Thank you for your patience, understanding and continued cooperation as we introduce these changes.
Bermuda Credit Union Co-operative Society Limited
