SFXCU & COMPLIANCE
What you need to know
As a growing Financial Institution, SFXCU is required to comply with any and all laws, regulations, rules, etc… related to the banking industry within Belize and at an International as well.
What is FATCA?
FATCA is the Foreign Account Tax Compliance Act which was implemented by the U.S Government Internal Revenue Service (IRS) in March 2010.
What does this mean for SFXCU? FATCA requires that Foreign Financial Institutions (FFIs) provide the IRS with information relative to accounts maintained at our Credit Union by U.S. persons that are Citizens and Residents of U.S.A.
What is SFXCU’s Status? SFXCU has registered with the IRS and has been assigned a Global Intermediary Indentification Number (GIIN) which means that SFXCU is in Compliance with FATCA.
As per regulatory requirements:
The following are the basic requirements to open a new Account: SFXCU opens accounts for Belizean and Residents of Belize. Mandatory Shares to be a member is $20.00
- Adult Account – Valid Identification card; Belize Passport or Social Security Card, Confirmation of current living address; Utility bill etc..
- Minor Account – Minor Social Security Card, Minor Birth Certificate, Confirmation of address of minor; example Utility bill of parent, Valid Identification of Parent opening the account.
Proof of Address: Any of the following:
- Current Original or electronic utility bill no later than 3 months old. Note: if the utility bill is not in the name of the person opening the account, a proof of occupancy must be completed and submitted along the original utility bill.
- Current Bank Statement.
- Current Job Letter.
- Reference letter from Village Chairman/Alcalde.
- Income Tax return.
- If None of the above is available due to the geographic location of member’s residence, SFXCU may conduct a home visit.
Additional requirement for:
Non-Belizean – Residents of Belize”
- Valid Passport.
- Proof of residency.
- Permit of reside in Belize (must be living in Belize for at least 1 year).
- Proof of Address for both Foreign and Local Address.
Fees to open an Adult Account:
- $20.00 mandatory Shares.
- $10.00 entrance fee.
- $6.00 passbook fee.
Requirements to open a minor account – under 18 years
Identification Documents:
- Minor Social Security Card or Passport, along with Birth Certificate if available.
- Identification of Parent or Legal Guardian: Social Security or Passport; or voters ID along with another government issued ID
- Note: If a person or guardian other than the parent wishes to open an account for a minor, the requirement is as follows: Letter from the parent authorizing the guardian to open the account is necessary. If it’s a legal guardian then the original legal custody of the child must be presented.
- Proof of Address: Parent/legal Guardian Utility Bill. If bill is not in the name of parent/legal guardian then a proof of occupancy must be completed and submitted along with copy of the Utility Bill.
Fees to open a Minor Account:
- $20.00 mandatory Shares.
- $3.00 entrance fee.
- $6.00 passbook fee.
Requirements to open Business, Organization & Other Entity Accounts:
Business/Entity – must present Original Business License, certificate of registration, permit, etc.. (whichever apply).
Valid Identification of (whichever apply)
- Owner of business.
- All Directors.
- All members.
- All signatories of account.
- Board/Members resolution letter authorizing the opening of the account.
- Letter must also indicate the names of all directors/members and signatories of the account.
- Proof of Address of Business/Entity (utility bill).
- Proof of Address of all members/directors/signatories on the account. (utility bill)
- Depending on the type of entity: Financial records will be required. Other supporting documents may be required.
Other required information necessary to be established at the time of opening an account:
- A membership application form along with an AML assessment form must be completed at the time of opening any type of account.
- Source of Income.
- Approximate monthly Income.
- If self-employed, Original business license, registration, permit etc.. is necessary.
- Estimated amount of deposit.
- Purpose of Account.
- Nationality.
- Residency Status.
- Contact details.
- Tax Identification Number. (for business accounts)
Source of Funds: – Note as part of compliance with regulatory requirements, you may be required to complete a source of funds form and provide supporting documents for certain deposits.
What is De-risking?
The notion of how institutions address risk for money laundering and Non-compliance with the current laws and regulations governing the banking sector.
How it affects SFXCU? SFXCU as well as other institutions has been affected directly due to correspondent banking issues. As a result, we hereby inform you that SFXCU is currently not providing Wire Transfer Services to its members, until further notice.
Other:
Updating of Accounts: We ask all our members who have inactive accounts, to kindly visit our office to update your account as possible.
Source of Funds – As part of regulatory requirements, please be advice that you may be requested to declare and provide source of funds for certain deposits.
SFXCU
PUBLIC ANNOUNCEMENT
FOR COMPLIANCE PURPOSE
Dear members,
Please be advised that SFXCU is conducting a revision of its membership data and therefore, is requesting your cooperation with the following:
A special call to those members whose accounts do not meet SFXCU’s membership requirements due to being inactive/dormant for the following reasons:
➢ Missing valid identification document
➢ Missing proof of address
➢ Outdated information
➢ No recent transactions (over 5years)
Please be advised that those accounts will be revised and may be frozen and/or eventually closed by the end of March 31, 2022.
We are kindly asking you to contact or visit any of our offices as soon as possible to make the necessary arrangements to reactivate your account.
Minimum requirements to maintain your membership at SFXCU:
Valid identification – social security identification card or passport
Proof of address – recent utility bill in your name (no later than 3 months old)
You can contact us for other acceptable requirements. Other requirements may also apply depending on type of occupation.
Phone Numbers:
Corozal Main Office – 422-2892, 480-2892, 422-0075
San Pedro Branch – 226-2877
Sarteneja Branch – 480-2213
Caye Caulker – 226-0284
Thank you for your cooperation.
SFXCU Management
- + FATCA
-
LEARN MORE UNDER FIU LEARN MORE UNDER FIU
What is FATCA?
FATCA is the Foreign Account Tax Compliance Act which was implemented by the U.S Government Internal Revenue Service (IRS) in March 2010.
What does this mean for SFXCU? FATCA requires that Foreign Financial Institutions (FFIs) provide the IRS with information relative to accounts maintained at our Credit Union by U.S. persons that are Citizens and Residents of U.S.A.
What is SFXCU’s Status? SFXCU has registered with the IRS and has been assigned a Global Intermediary Indentification Number (GIIN) which means that SFXCU is in Compliance with FATCA.
- + NEW ACCOUNTS
-
As per regulatory requirements:
The following are the basic requirements to open a new Account: SFXCU opens accounts for Belizean and Residents of Belize. Mandatory Shares to be a member is $20.00
- Adult Account – Valid Identification card; Belize Passport or Social Security Card, Confirmation of current living address; Utility bill etc..
- Minor Account – Minor Social Security Card, Minor Birth Certificate, Confirmation of address of minor; example Utility bill of parent, Valid Identification of Parent opening the account.
Proof of Address: Any of the following:
- Current Original or electronic utility bill no later than 3 months old. Note: if the utility bill is not in the name of the person opening the account, a proof of occupancy must be completed and submitted along the original utility bill.
- Current Bank Statement.
- Current Job Letter.
- Reference letter from Village Chairman/Alcalde.
- Income Tax return.
- If None of the above is available due to the geographic location of member’s residence, SFXCU may conduct a home visit.
Additional requirement for:
Non-Belizean – Residents of Belize”
- Valid Passport.
- Proof of residency.
- Permit of reside in Belize (must be living in Belize for at least 1 year).
- Proof of Address for both Foreign and Local Address.
Fees to open an Adult Account:
- $20.00 mandatory Shares.
- $10.00 entrance fee.
- $6.00 passbook fee.
Requirements to open a minor account – under 18 years
Identification Documents:
- Minor Social Security Card or Passport, along with Birth Certificate if available.
- Identification of Parent or Legal Guardian: Social Security or Passport; or voters ID along with another government issued ID
- Note: If a person or guardian other than the parent wishes to open an account for a minor, the requirement is as follows: Letter from the parent authorizing the guardian to open the account is necessary. If it’s a legal guardian then the original legal custody of the child must be presented.
- Proof of Address: Parent/legal Guardian Utility Bill. If bill is not in the name of parent/legal guardian then a proof of occupancy must be completed and submitted along with copy of the Utility Bill.
Fees to open a Minor Account:
- $20.00 mandatory Shares.
- $3.00 entrance fee.
- $6.00 passbook fee.
Read More for ComplianceRequirements to open Business, Organization & Other Entity Accounts:
Business/Entity – must present Original Business License, certificate of registration, permit, etc.. (whichever apply).
Valid Identification of (whichever apply)
- Owner of business.
- All Directors.
- All members.
- All signatories of account.
- Board/Members resolution letter authorizing the opening of the account.
- Letter must also indicate the names of all directors/members and signatories of the account.
- Proof of Address of Business/Entity (utility bill).
- Proof of Address of all members/directors/signatories on the account. (utility bill)
- Depending on the type of entity: Financial records will be required. Other supporting documents may be required.
Other required information necessary to be established at the time of opening an account:
- A membership application form along with an AML assessment form must be completed at the time of opening any type of account.
- Source of Income.
- Approximate monthly Income.
- If self-employed, Original business license, registration, permit etc.. is necessary.
- Estimated amount of deposit.
- Purpose of Account.
- Nationality.
- Residency Status.
- Contact details.
- Tax Identification Number. (for business accounts)
Source of Funds: – Note as part of compliance with regulatory requirements, you may be required to complete a source of funds form and provide supporting documents for certain deposits.
- + DOWNLOAD FORM-VERIFICATION OF ADDRESS
-
- + DE-RESKING
-
What is De-risking?
The notion of how institutions address risk for money laundering and Non-compliance with the current laws and regulations governing the banking sector.
How it affects SFXCU? SFXCU as well as other institutions has been affected directly due to correspondent banking issues. As a result, we hereby inform you that SFXCU is currently not providing Wire Transfer Services to its members, until further notice.
Other:
Updating of Accounts: We ask all our members who have inactive accounts, to kindly visit our office to update your account as possible.
Source of Funds – As part of regulatory requirements, please be advice that you may be requested to declare and provide source of funds for certain deposits.
- + Public Announcement for Compliance purpose
-
SFXCU
PUBLIC ANNOUNCEMENT
FOR COMPLIANCE PURPOSEDear members,
Please be advised that SFXCU is conducting a revision of its membership data and therefore, is requesting your cooperation with the following:A special call to those members whose accounts do not meet SFXCU’s membership requirements due to being inactive/dormant for the following reasons:
➢ Missing valid identification document
➢ Missing proof of address
➢ Outdated information
➢ No recent transactions (over 5years)Please be advised that those accounts will be revised and may be frozen and/or eventually closed by the end of March 31, 2022.
We are kindly asking you to contact or visit any of our offices as soon as possible to make the necessary arrangements to reactivate your account.
Minimum requirements to maintain your membership at SFXCU:
Valid identification – social security identification card or passport
Proof of address – recent utility bill in your name (no later than 3 months old)You can contact us for other acceptable requirements. Other requirements may also apply depending on type of occupation.
Phone Numbers:
Corozal Main Office – 422-2892, 480-2892, 422-0075
San Pedro Branch – 226-2877
Sarteneja Branch – 480-2213
Caye Caulker – 226-0284Thank you for your cooperation.
SFXCU Management
Note: Non-Compliance – can lead to legal or regulatory sanctions, material financial loss, or loss of reputation. Therefore, we ask you the members for your cooperation for the smooth running of your Credit Union.
SEE UPDATED INFORMATION BELOW FOR UPDATING OF ACCOUNTS REQUIREMENTS:
