Can I see some ID please?

Why do I have to show ID now when I’ve dealt with Community Credit Union for years?!

You may have been asked recently by one of our tellers for a piece of identification, to confirm your address or for your current occupation.  It may sound like we’re becoming “bureaucratic” and that we don’t care about you as a person.  However, we ask for this information for two reasons:  1) we are required by law to ask for and confirm this information, and 2) we want to protect you (our members).

All financial institutions (and that includes Credit Unions) are required to comply with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, or what we in the biz call the PCMLTFA.  This is a federal law that requires us to identify our members and to maintain records that prove to the governing agency that we know who you are.  As a Credit Union, we take the time to know who you are–we’ve done that for years, but now we have to demonstrate to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) that we have confirmed your identity, your occupation and your address.

FINTRAC was created by a Canadian government initiative to fight money laundering and terrorist financing.  Yeah, but we live in Amherst, Truro, Stewiacke, Maccan, Bass River, Masstown, Joggins, Hilden–not exactly hotbeds of crime.  However, the prevalence of the Internet has brought worldwide scams to our livingrooms.  We have had instances where had we not asked the questions, you (our members) would have been left on the hook for thousands of dollars.  The money scam artists bilk from honest people then becomes “the proceeds of crime” and is then used by the crooks to finance other criminal activities.

So, that is why we are asking for your co-operaton and your identification.  We have an obligation to all members of the Credit Union to safeguard their money and to comply with regulations. Would you expect us to do anything less?

Thank you for working with us to keep your money safe!

To learn more check out www.fintrac.gc.ca

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