Credit union shuts scheme, citing laundering rules

A credit union with a chequered history has shut down its group Christmas savings accounts, citing money-laundering regulations.

Gurranabraher Credit Union, on the northside of Cork City, wrote to members at the end of January saying that from February 9, it would no longer accept lodgements into the popular accounts. Members were instructed to withdraw money by February 16 “to facilitate the closure”.

The letter, from manager Philip Hosford, and seen by the Irish Examiner, said: “We appreciate that the withdrawal of the group Christmas savings account may be an inconvenience; however due to money laundering regulations, this particular savings service can no longer be provided.”