Dear Member,
Recently, we advised that Bermuda Credit Union is preparing to introduce changes to strengthen our Know Your Customer (KYC) processes.
As promised, we would now like to share a little more about what these changes may mean for you.
What can you expect?
Over the coming weeks and months, you may notice new or updated forms and additional questions when conducting certain transactions or requesting services from BCU.
For example, we may need to better understand the source of funds for certain transactions or ask you to confirm or update information we hold about you.
We will also begin a phased review to ensure that the information held for our existing members is accurate and up to date. As this progresses, you may be contacted to provide or confirm information relating to your identification, address, employment, income and expected account activity.
Some of these requirements may already be familiar to you if you have dealt with banks or other financial institutions. The timing of your review and any additional information we may need will depend on your circumstances, the services you use and the information already held by BCU.
We know this will require some adjustment.
Some of these requirements will be different from what members 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 this transition as smooth as possible and to support you throughout the process.
These are important safeguards that help BCU meet its regulatory responsibilities, protect our members and the the Credit Union, and support the continued stability and sustainability of BCU.
What do you need to do now?
There is still no action required from you at this time.
Our next communication will provide the important details, including when the changes will take effect, what you may be asked to provide and how you can prepare.
Please look out for this communication.
A stronger BCU benefits all of us. Thank you for your continued patience, cooperation and commitment to your Credit Union.
Bermuda Credit Union Co-operative Society Limited
