Credit Union Review re Criminal Justice Act 2013

Discussion in 'Credit Union issues' started by Angelab, Apr 10, 2018.

  1. Angelab

    Angelab Frequent Poster

    Posts:
    31
    Hi I hope someone can answer my question. I have received a request from my Credit Union to give them ID and proof of address along with a letter from my Accountant clarifying that the money I lodge to my Account is from my business and when transferred to my bank account that it is the business account which is what I have been asked for before but this time they are also asking for a copy of my Business Accounts as well which I am not happy about as I don't owe them any money.

    Are they legally entitled to ask for the Accounts under the Criminal Justice Act 2013?

    Thanks in advance

    Angelab
     
  2. Elnino

    Elnino Registered User

    Posts:
    17
    Under the Criminal Justice Act 2013 financial institutions have to do what is called enhanced due diligence on higher risk accounts. If you are lodging business cash then there is a risk that you could be using your credit union account for money laundering or tax evasion. The reason they have requested your accounts is to check that the levels of business cash which you are lodging are in line with the turnover in your accounts. This would be a normal check on business accounts for any credit union or bank.
     
  3. Angelab

    Angelab Frequent Poster

    Posts:
    31
    Thanks for your reply Elnino but I have a letter from my Accountant verifying that the cash lodgements are in line with my business should that not be enough to satisfy them?