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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PRA Release CUSO Rules

Steven Cunningham — Sun, 22 Feb 2026 16:16:25 +0000

On 20 February 2026, the PRA released PS 5/26: Credit Union Service Organisations (CUSO). It follows consultation paper 13/25 which was released last year. The policy statement makes changes to the Credit Union rulebook and SS2/23. The Credit Union rulebook now allows Credit Unions to invest in an entity to allow it to provide ancillary …

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How will the new accounting rules impact you? (Part 2)

Steven Cunningham — Tue, 17 Feb 2026 15:15:00 +0000

As previously reported changes are coming to FRS 102 for accounting periods beginning on or after 1 January 2026. For most Credit Unions this will impact their 30 September 2027 year end accounts. This article looks at the change to revenue recognition. The changes will not impact interest on loans or bank interest which are …

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CRS: Are you registered?

Steven Cunningham — Thu, 29 Jan 2026 16:59:55 +0000

The International Tax Compliance (Amendment) Regulations 2025 was introduced on 24 June 2025 and brings in changes to the Common Reporting Standard (CRS). We had issued an article on the proposals for the new legislation in January 2025 which can be found here. As discussed in our previous article the regulations require all UK “Reporting …

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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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