Holy Redeemer Credit Union AGM Reports
Each year we compile an Annual Report to let you, as a member-owner of Holy Redeemer Credit Union know how the past year went for your credit union. The Annual Report combines reports from the Board of Directors, Credit Committee, Treasurer, Supervisory Committee, President and Independent auditors with HRCU’s Financial Statements to give you a comprehensive view of your credit union's financial status during the previous year.
Holy Redeemer Credit Union AGM Reports
Governance
HRCU is governed by the Credit Union Act, Chapter 314 of the
Laws of Belize (Revised 2002) and is supervised by the
Central Bank of Belize.
Credit Union Act
Notices
(Issued under Section 6(2) of the Credit Unions Act and Section 21(2)(b) of the Money Laundering and Terrorism (Prevention) Act, 2008)
The Registrar/Supervisory Authority, in an effort to ensure proper due diligence, requires that members conducting certain transactions at a credit union be identified by name, address, government issued identification (passport, ID card, driver’s license) and other relevant information.
Credit Union members shall also be required to provide the source of all their funds. All Credit Union members are subject to these requirements.
FATCA
FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment (HIRE) Act signed into law on March 18, 2010. The new law require foreign financial institutions (FFIs) to provide the Internal Revenue Service (IRS) with information on certain U.S. persons invested in accounts outside of the U.S. see Caribbean Confederation of Credit Unions FATCA Update 2014.
The term U.S. Person means a U.S. citizen (including dual citizens) or a U.S. resident alien for tax purposes. FATCA is intended to increase transparency for the IRS with respect to U.S. persons that may be investing and earning income through non-US institutions. ID card, driver’s license) and other relevant information.
FFIs would be required to submit information on U.S. Persons who hold accounts with them, where the accounts are valued over US$50,000.00 or local equivalent.
Visit IRS Website for current and more in-depth information.