The Friendly Societies Have To Know Their Customers

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From the Office of the Chair of the Progressive Liberal Party

Talking On Financial Transactions Reporting Act

 

For Immediate Release

 

30 April 2018

 

Senator Fred Mitchell raised in the Senate why friendly societies like the Elks and the Masons have to come within the same requirements of the Financial Transactions Reporting Act as large financial institutions. The Senator said that the Government had moved to protect general insurers by removing the requirements of the act from insurance companies but imposes the requirements on the Elks and the Masons. 

 

In the committee stage the Attorney General said that the Government would look at the matter again.

 

Senator Mitchell said the act’s requirements will be burdensome for the friendly societies having to fill out know your customer forms and have compliance officers. 

 

The Bill now goes back to the House for further amendments and the PLP believes that all friendly societies ought to be removed from having to conform with the new requirements.

 

End