Anti-Money Laundering & Counter Financing of Terrorism
AML & CFT
The Victoria Mutual Building Society (VMBS) is an authorised financial institution approved by the Bank of Jamaica (BOJ). The organisation is required to comply with the Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) Legislations. In this regard, VMBS has established policies and procedures consistent with these legislations and the BOJs Guidance Notes.
Money Laundering is defined as engaging in acts designed to conceal or disguise the true origin of criminally-derived proceeds so that it appears to have been originated from a legitimate source. In fulfilling the requirements of the AML/CFT and BOJ Guidance Notes, greater emphasis is placed on “Know Your Customer” (KYC) by VMBS and its Strategic Business Units (SBUs). The organisation is required to accurately maintain records of customer identification and verification, transaction and source of funds, as well as an expected transaction profile of the customers.
VMBS and its SBUs are required to obtain client verification and certification of residency. This may include, but is not limited to, obtaining proof of Tax Identification (Tax Registration Number); country of residency and birth; passport identification; bank account verifications; and other documentation as required by the regulatory agencies, such other documentation may be required frhttps://www.vmbs.com/about-us/fatca-compliance/om time to time.
Please contact Victoria Mutual at 73-75 Half Way Tree Road, Kingston 10, Jamaica or via telephone at (876) 754-8627 for further information, questions and/or concerns regarding our KYC requirements and prescribed documentation to open your VMBS account.