SVGTCCU New Account Information

Third Party Transactions Foreign Account Tax Compliance Act (FATCA) SVG TEACHERS
The following is required for third party transactions for COOPERATIVE
members who reside in the country: FATCA was enacted by the USA in 2010, as part of the Hiring CREDIT UNION
Incentives to Restore Employment Act, to combat tax evasion
 A letter that must be signed and stamped by any of by U.S. taxpayers holding accounts or other assets in non-U.S. LTD.
the following: Justice of Peace, Senior Ranking Police Financial Institutions. It requires Foreign Financial
Officer, Senior Public Servant, Lawyer, Notary Public Institutions (FFIs) to report to the U.S. Internal Revenue Opening of
or a Minister. Service (IRS), information on assets of US$50,000 or more New Accounts
held by US taxpayers, or by foreign entities in which US
 Member’s photo identification taxpayers hold substantial ownership interest. &
 Photo identification for the person conducting the Compliance
Who is a US Person? Requirements
transaction. Attributes that generally result in an individual or business
being classified as a US person under FATCA include:
For members who reside out of state, they must  US Citizenship
submit:  US Residency (e.g. green cardholders)
 Non-resident aliens who meet the substantial presence test
 A notarized letter
 Copy of their photo identification (physically present in the US for at least 31 days in the
current year and 183 days during the last 3 years including
The person conducting the transaction must present the current year)
their photo identification.  A partnership or corporation organized in the US.

Third Party Transactions via Correspondent How do we deal with members who withhold
Banks information and what is the liability of the Credit
As at June 19, 2018, we are no longer able to conduct Union?
third party corresponding banking services to accommo- Members who do not disclose the requisite information to the
date payments to and from our members overseas. Credit Union will have their accounts flagged as non-
The reason for this is due to de-risking, which occurs compliant. The Credit Union will be required to eventually
when financial institutions terminate business relation- close the account if the information is not received within a
ships with clients, to avoid, rather than mitigate, the specified period of time. Until the closure of the account, a
risk of money laundering and the financing of terrorism. 30% levy will be applied to any payment of interest, rents,
In an effort to counteract this problem, we wish to en- royalties, salaries, wages, annuities, licensing fees, income
courage our overseas members to establish an account and profits derived from sources within the U.S.
with any commercial bank in SVG to facilitate all for-
eign transactions. ≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈
Instructions can then be provided to your bank or you
can create a standing order for when you wish to con- St. Vincent and the Grenadines
duct any business with the Credit Union.
Teachers Cooperative Credit Union Ltd.

St. James Place

P.O. Box 1527

Paul’s Avenue

Kingstown

Tel: 457-2947 Fax: 456-2995

Email: [email protected]

Website: www.tccusvg.com

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Introduction *In cases where an applicant may not have two pieces of Joint Account
The SVG Teachers Cooperative Credit Union Limited photo identifications, the applicant must provide:  Two pieces of photo identification for all parties
offers a variety of services aimed at satisfying our  A letter identifying themselves, signed and stamped by  Proof of Address for all parties
members’ varying needs. This brochure serves to  Proof of Income for all parties
provide information on the requirements for opening any of the following individuals: Justice of Peace, Senior
of accounts with the Credit Union and other pertinent Ranking Police Officer, Senior Public Servant, Lawyer, Group Account
membership information. Notary Public or a Minister.  Two pieces of photo identification of signatories to

Current Information  Passport size photo of applicant, also signed and the account
In an effort to ensure that the Credit Union has stamped by one of the above listed individuals.  Proof of Addresses of signatories to the account
accurate and current information for our members,  Proof of Income of signatories to the account
we encourage all members to complete a Personal ** If an applicant does not have a utility bill in their name,  Copy of Certificate of Incorporation
Data Form at your next visit to any of the Credit the applicant must get a permission letter and photo identi-
Union’s offices. fication from owner of bill. Businesses/Companies
 Two pieces of photo identification of signatories to
Membership Self employed individuals
A person can become a member of the Credit Union Evidence of their income must be presented. This can be the account
if they are a citizen or resident of St. Vincent and the obtained from: employment contract, financial statement,  Proof of Addresses of signatories to the account
Grenadines or a citizen of a CARICOM state. One can sales record.  Proof of Income of signatories to the account
be a citizen by:  Copy of VAT registration of company
Unemployed individuals  Copy of Business Registration or Copy of Certificate
- Birth - Marriage - Descent - Naturalisation  Two pieces of photo identification
 Proof of Address of Incorporation
All membership applications and relevant  Source of Income; e.g. money remittances receipts
documentations from overseas applicants must be Fixed Deposit & Retirement Savings Accounts
notarized. Junior Savers/Adolescent Savings Plan Applicant must be a full member to be able to access
 Two pieces of photo identification of parent these accounts.
Membership Application ≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈
 Two pieces of photo identification* If child is citizen by descent, a copy of the parent’s Birth A deposit account can be either Bonus Deposit,
Certificate must be presented Christmas Savings, School Supplies Savings Account.
(National ID, Passport, Driver’s License)  Child’s Birth Certificate or Passport ≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈
 Proof of Address of parent Declaration of Source of Funds
 Proof of Address  Proof of Income of parent Anti-money laundering regulations require that a
(Utility Bill**, Account Statement, Driver’s License, source of funds form must be completed for all depos-
Property Tax Statement) Individual Deposit Account its made in excess of $10,000 (any currency). Proof
 Two pieces of photo identification must also be presented with the deposit. Examples of
 Proof of Income  Proof of Address proof are: sales agreement, change of ownership,
(Job Letter, Recent Salary Slip)  Proof of Income receipts, employment contract, bank statements, copy
 Marriage Certificate (if applicable) of will, letter from insurance provider, court order.