Daniel Arrowsmith – TC Alexander Sloan Credit Union Services

Sanctions- Do you fuzzy match?

Daniel Arrowsmith — Sat, 07 Mar 2026 17:37:55 +0000

Bank of Scotland has recently been fined £160,000 for a breach of financial sanctions. The cause? The Bank failed to identify a sanctioned individual due to several subtle variations in the spelling of name as it appeared on the sanctions list. The variations included an additional character in the forename, a missing middle name, and a changed character in the Surname. These character changes are (apparently) common where translating the …

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FACTA- Are you still exempt?

Daniel Arrowsmith — Thu, 29 Jan 2026 15:58:45 +0000

What is it? The Foreign Account Tax Compliance Act (FATCA) is a piece of legislation introduced by the United States (US) in 2010 which was then implemented in the UK in 2012 as part of a UK-US Inter-Government Agreement (IGA) to improve international tax compliance. Its primary goal is to help prevent tax evasion by …

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International Tax Compliance: Mandatory Registration for Credit Unions

Daniel Arrowsmith — Thu, 02 Jan 2025 12:27:00 +0000

All credit unions will be required to register with HMRC by the end of 2025 to comply with international tax regulations if new legislation is passed as currently drafted. Current Situation Credit unions already have a requirement to obtain self-declarations of members’ tax jurisdictions and to report relevant accounts to HMRC. Credit Unions also need …

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