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CARA Credit Union have announced that they are replacing their €2 Saving Stamps and machines with an E Stamp Balance now available on every members account.
“our €2 Saving Stamps and machines are no longer compliant with Anti Money Laundering (AML) Regulation and guidance issued by the Central Bank,” explanined Pa Laide CEO of Cara Credit Union. “AML regulation specifies that we must ensure that ‘money in all accounts (including stamps) can be attributed to individual members’. As this is not possible to do at the time of purchase with our existing €2 Saving Stamps and machines, we are moving saving stamp services to a more secure and efficient E Stamp Balance now available on members accounts.”
“We know this may disappoint members and the shops who have our machines but failure to comply with AML regulations could result in fines for Cara Credit Union. Other financial institutions received fines for breaches to AML regulations last year.”
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“Credit Unions are not exempt with two credit unions having also received fines from Central Bank for failure to comply with AML regulations. We do not want this to happen to Cara Credit Union, nor do our members want this to happen so we thank them for their co-operation and support as we replace our €2 Saving Stamps with our E Stamp Balance.
“We still have a saving mechanism in place, members have the option to save into their shares/savings account to earn a dividend and free life savings insurance. If they don’t want access to their shares/savings they now have an E Stamp balance they can use,” he said.
Cara Credit Union will replace their €2 Saving Stamps and Machines from 30th of June and members will have until the 30th September to cash in their €2 Saving Stamps in any of their three offices.
“Having reviewed all options available to us we feel that our new “E Stamp” balance is faster, more secure and will provide members with a more efficient service,” said Suzanne Ennis, Marketing and Business Development Manager.
“We have a new machine in our Tralee office which we will have available by 30th June that can take lodgements and withdrawals. We also hope to roll this out in our other two offices in Castleisland and Killorglin at a later stage,” she added.
Cara Credit Union says they have a number of ways that members can lodge money to their E Stamp Balance.
They can set up a Direct Debit transfer funds from their bank account using their credit union IBAN and BIC, express lodge in their Tralee office or over the counter in any of their three offices.
For further information visit www.caracreditunion.ie or call in to their offices in Tralee, Castleisland or Killorglin.
