General – 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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Budget 2025

Steven Cunningham — Sat, 29 Nov 2025 11:28:05 +0000

On 26 November 2025, Rachel Reeves announced her latest Budget. The Budget made significant changes to the tax system. Clients should have received invites to our Budget webinar on 27 November, if you have not then please contact us to ensure you are on the invite list for future events. Our summary of the main …

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Credit Union Statistics 2024

Steven Cunningham — Mon, 16 Dec 2024 14:00:00 +0000

The Bank of England have issued their Credit Union statistics for the period ended 30 June 2024. There are some interesting trends and results from the statistics. The sector now has assets of £4.9bn with the number of adult members increasing by 4.6% in the last year to 2,130,979. The number of juvenile members, however, …

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Anti-Money Laundering

Steven Cunningham — Thu, 07 Dec 2023 14:01:04 +0000

We have been reviewing a number of money laundering policies recently and have listed some of the key areas that are often missed. We would recommend you consider whether your anti-money laundering policies cover the following points: When accounts should be frozen and a Defence Against Money Laundering (DAML) requested. The new de-minimis level of …

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PRA Consult on Regulatory Changes: CP7/22

Steven Cunningham — Wed, 21 Sep 2022 10:38:28 +0000

The PRA have today issued Consultation Paper 7/22 on their proposed changes to the regulatory rules for Credit Unions. New Products As previously, Parliament is considering a draft bill regarding proposed new legislation for Credit Unions. The new legislation if passed would allow Credit Unions to offer new services such as hire purchase. The PRA …

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