MLRO fined by FSA
The Financial Services Authority (FSA) has issued a £17,500 fine to the money laundering reporting officer (MLRO) of a corporate advisory firm. The fine was levied because the officer in question did not have adequate systems and controls in place for verifying and recording client identity. The FSA also fined Sindicatum Holdings, where the officer worked, for procedural failings in verifying the identity of its clients. The FSA's head of retail enforcement described the fines as a warning to firms and to individuals who fall short of the Authority's rules in the area of money laundering.
The case breaks new ground as it is the first time the FSA has fined an individual money laundering compliance officer, although no evidence of money laundering came to light during the FSA enquiries.
For a concise outline of money laundering reporting requirements, see the presentation given at this year's NACUW Annual Conference.
New NACUW/NEF report launched
Self-help and mutual aid (2008)
A mutual for the self-employed – underpinning local economies across Britain. Our latest report launched by the Welsh Assembly Minister this summer shows the importance of credit unions supporting the self-employed sector of our market.
Conaty and Brown, nef publications.
Hard copy available from our administration department.
A new NACUW report, researched jointly with the new economics foundation, was launched by a Welsh Assembly Government Minister during the conference to mark the life and works of Robert Owen, founder of the co-operative movement.
Micro-businesses and the self-employed form a large and crucial part of the UK economy. They make a major contribution to the vitality of local economies and to their communities and to culture. Very often, they define the character of a place. They provide the small shops, services, crafts that are the economic life blood of local communities across the UK. Their dealings with each other give life to an urban neighbourhood or a rural village. Community life is unthinkable without their contribution. They are also a crucial sector of our credit union membership.
Our research shows this sector needs better support and access to financial services. It proposes a mutual model to provide this, and sees credit unions having a beneficial role to play in this valuable market.
CBP project wins major Fuel Poverty award
Congratulations to the Robert Owen CBP in Powys on scooping the top prize in Wales for their entry in Feel the Heat – an award scheme sponsored by SWALEC and run by the leading fuel poverty charity, NEA, which is supported by the Welsh Assembly Government. Apart from the prestige, a very handy £1500 prize was received by Gill Williams who heads up the project. The project is one of the more innovative money advice services that credit unions are presently running. To find out more, come to this year's Conference where it will be featured as one of many exemplar projects.
"If you think training is expensive, try ignorance"
Yes we all know the old adage, but training is still an aspect of business development that we often fail to prioritise sufficiently - and to our cost. NACUW is looking into how better training can be designed around the needs of busy staff and volunteers in credit unions. Take two minutes to fill in our quick survey and tell us what you really think about training.