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MANCHESTER CO-OPERATIVE CREDIT UNION (1977) LTD.
Questions & Comments The activities conducted during the year are
summarized below:
There were no questions and/or comments.
Cash Counts
On a motion moved by Mrs. Yvonne Dwyer-Smith
and seconded by Ms. Shanika McIntosh, the Regular cash counts were conducted at both the
report of the Credit Committee was adopted. Christiana and Mandeville branches. The
objective of these counts was to ascertain
SUPERVISORY COMMITTEE: whether cash were properly accounted for and
that there were adequate controls for cash
Highlights of this report were read by the management:
Chairman, Mrs. Claudette Gayle-Foster as
follows: • ATM Cash Counts: No material exceptions
were revealed from these audit activities.
Introduction
• Treasury Cash Counts: No exceptions
In her opening remarks, the Chairman said that, were observed from the cash counts
Manchester Co-operative Credit Union (1977) conducted in this area during the review
Limited continued to operate in a fiercely period. There were adequate safeguards
competitive environment, thus requiring greater over cash and the funds were properly
accountability by stakeholders. This has created accounted for.
the need to focus on satisfying the needs of both
our internal and external constituents. It was • Teller Cash Counts: The tellers’ cash on
against that background that the Organization hand was counted and reconciled with the
had during the year in review continued to focus Teller’s Closing Listings. The process
on the myriad of challenges in an effort to included examination of transaction slips
minimize the possible threats and capitalize on and other documentation that supported the
the opportunities to maintain the viability of this transactions.
noble Institution.
Compliance Audits
Additionally, she said that the imminent
implementation of the BOJ Credit Union The Committee conducted Compliance Audits in
Regulations would impact on reporting the areas of Know-Your-Customers (KYC) Policy,
responsibilities, requiring more stringent and Operations Policy and Deceased Members Policy.
more rigorous corporate governance. The Credit These audits were carried out to assess
Union remains true to its commitment to exceed compliance with the Credit Union’s Policies and
expectation of its stakeholders through the Procedures in key areas as well as adherence to
provision of captivating, innovative and Law/Regulatory requirements of external bodies.
competitive offerings with the aim of improving
the welfare of its members. KYC Policy-New Members Accounts
The Supervisory Committee’s mandate is to An audit of new members’ accounts was
ensure that the Credit Union complies with conducted. There was general compliance with
applicable policies/procedures as well as external the Credit Union’s Anti Money Laundering, Know-
regulations in order to bolster the Organisation as Your-Customer (KYC) and other applicable policy/
the financial institution of choice. To satisfy the procedures.
requirements of this mandate the Committee
provided monthly report to the Board of Directors Operations Policy – Dormant and Inactive
highlighting the observations from audits Members’ Account
conducted and making recommendations for
consideration to strengthen the Credit Union’s Examination of transactions on the Daily
internal control systems. Securities Log Reports with special emphasis on
Dormant and Inactive Accounts was done to
ascertain whether there were any unauthorized
transactions.
*
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“Where Service Exceeds Expectation”
