The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (the “Act”) requires Financial Service providers, including Credit Unions, to implement and operate measures to prevent money laundering.
First Choice Credit Union is legally required under the Act to obtain and hold identification documentation for all its members.
We are aware that some of these requests may be inconvenient for you, but we hope you will understand that we must comply with the Act.
What will this mean for you?
An important part of the fight against Money Laundering is for us to hold up to date information on all our members.
From time to time, staff in your local branch may ask you for the following:
Proof of Identity and Address Verification
In order to comply with the Act, First Choice Credit Union is required to establish the identity and verify the permanent residential address of all its members. This information must be kept up to date, and we will only ask for these when necessary.
|Acceptable Proof of Identity||Acceptable Proof of Address|
Correspondence must be dated within the last 6 months
Please do not email these documents to us.
I do not possess a Passport/Driving Licence. What are my options?
If you have any questions or require further assistance you can contact us on 094 9022969 or call to any branch and talk to our team and discuss alternatives.
Unfortunately, we cannot accept the PSC (Public Service Card) as proof of Identification.
This is not a National Identification Card and is not meant to be used as such. Its purpose is to access a range of public services.
The reason you opened or are opening an account.
While it may be obvious in a lot of cases, under the Act we still need to ask you why you have or are opening your account.
Identity of Beneficial Owner.
If you are a personal member, it is most likely that you will be the ‘beneficial owner’ of your account, i.e., the individual who owns and controls the account, but we must ask.
Source of Funds.
We will ask you for details on where money has come from. For example, salary credits; social welfare etc.
Your employment status & details.
Details such as your Job Description and Employer Name. If you are an Employee, Self-employed, a Home Maker, Retired, or Not Currently Employed.
The anticipated turnover of your account.
How much you expect to deposit into your account over the next 12 months.
Politically Exposed Person (PEP)
Under Section 37 of the Criminal Justice (Money Laundering & Terrorist Financing) Act 2010, we are required to establish if our members are a Politically Exposed Person (PEP). A PEP is defined as an individual who is, or has at any time in the preceding 12 months been, entrusted with a prominent public function, including either of the following individuals (but not including any middle ranking or more junior official):
a) a specified official;
b) a member of the administrative, management or supervisory body of a state-owned enterprise;
c) Prominent Public Function
“specified official” means any of the following officials (including any such officials in an institution of the European Communities or an international body):
a) a head of state, head of government, government minister or deputy or assistant government minister;
b) a member of a parliament;
c) a member of a supreme court, constitutional court or other high level judicial body whose decisions, other than in exceptional circumstances, are not subject to further appeal;
d) a member of a court of auditors or of the board of a central bank;
e) an ambassador, chargé d’affairs or high-ranking officer in the armed forces.
“Prominent Public Function”, in respect of such functions within the State, shall be an office or other employment in a public body in respect of which the remuneration is not less than the lowest remuneration in relation to the position of Deputy Secretary General in the civil service.
I am a member for years and well known to staff, why are you requesting this now?
Being well known to First Choice Credit Union is not sufficient proof of identity – it is a legal requirement that First Choice Credit Union need to seek to have a copy of your proof of ID and proof of address on file.
I have produced ID documents in the past; why am I being asked for them again?
We have reviewed our member records and have determined that we need to obtain up-to-date documentation from you.
What happens if I don’t provide documentation?
Unfortunately, if you do not provide the required documentation it may affect your ability to transact. We may be forced to suspend transactions on your account. This means that no lodgements to or withdrawals from the account will be permitted. This includes all transactions including manual, automated or through internet banking. Repayments to loans will be permitted to prevent members from developing arrears and their credit rating being affected.
Our staff will be happy to assist you and your cooperation in this matter is greatly appreciated. If you require any further clarification or if you have any other questions, please feel free to email us at email@example.com or alternatively you can contact us at 094 9022969.
Thank you for your cooperation.
ID Pal is a simple, secure and convenient way to verify the identity of members in order to comply with the Criminal Justice (Money Laundering & Terrorist Financing) Act, 2010.
Does First Choice Credit Union send emails/texts through ID-Pal to members requesting documentation updates?
Yes. First Choice Credit Union is using the ID Pal App to update the identity and verify the permanent residential address of all its members, you may have received either a text message or an email about this.
The digital solution streamlines the process by providing a mobile app for members to upload their ID & proof of address, saving you the time and the effort of having to call in-person to a branch.
Is ID Pal App secure?
Yes. ID Pal is a safe and secure way of providing your ID & proof of address to First Choice Credit Union.
How does ID Pal work?
You must click on the link provided, this will download the ID-Pal App onto your phone.
You then go into the app and complete the following:
- Take a picture of your photo ID
- Take a picture of your proof of address
- Take a picture of yourself.
- Q. Why do I have to take a picture of myself?
- A. This is so that ID Pal can verify that your photo ID is genuine.
- Review Your Personal & Address information & correct if necessary
- Answer the additional Information Questions
Will ID Pal then have a copy of my photo ID and proof of address?
No. Once First Choice Credit Union have received the photo ID and proof of address through ID Pal, these records will then be deleted from ID-Pal in line with First Choice Credit Union’s retention policy.