Money Laundering

The term “Money Laundering” refers to all procedures, methods, and transactions designed to change the identity of illegally obtained money so that it appears to have originated from a legitimate source.

It is recognized that cash lends anonymity to, and is therefore the preferred medium of exchange for many forms of criminal activities, in particular, drug and arms trafficking.

The name Jamaica Defence Force Co-operative Credit Union Limited and/or service entities may be used in conjunction with these documents for advertising or publications without prior written permission.

Suspicious Transactions

These are transactions that are inconsistent with a customer’s know legitimate business or personal activities or with the normal business for that type of account.

The Law prescribes the amount which has been set at Jamaican or other currency equivalent of US$50,000.00 is considered as a suspicious transaction.

If the Credit Union knows, suspects or has reason to suspect that a wrong doing has occurred or been attempted, a report will be filed immediately.