Anti-Money Laundering legislation has been enacted globally as part of the worldwide drive against financial crimes such as terrorist financing, money laundering, tax evasion and bribery. Part of this is the Financial Intelligence Centre (FIC) Amendment Act that requires businesses, like Glacier, to conduct a client due diligence on all parties before entering into a business relationship or concluding a transaction. Businesses must follow certain processes in order to know exactly who they are doing business with and determine the risk of conducting business with them.
Additionally, where clients deposit cash over the prescribed threshold, Glacier is required to submit a report to the FIC within 24 hours, which has proven challenging as the money is often deposited without us having the application form or necessary client detail to complete the report. This has resulted in non-compliance with the Act as was pointed out by the Prudential Authority during a recent visit. For this reason, we have decided to no longer accept cash deposits for any Glacier business.
What it means for you
The Glacier bank accounts will be closed for cash transactions from 22 June 2020. That means that no deposits of physical cash will be accepted. Electronic fund transfers (EFTs) and transfers from other financial services providers will be the only accepted payment method.
Thank you for supporting Glacier’s commitment to conducting business lawfully, ethically, and with integrity. Should there be any uncertainty, or should you have any questions, please don’t hesitate to contact our communication centre.
