NOTICE: Russia Transactions
It is with shock and sadness that we view the devastating toll on the economy and most importantly the lives of the Ukrainian people as a result of the recent invasion by Russia. While we are what feels to be a half a world away from the destruction brought on by this conflict, we stand in solidarity with those fighting for their independence against Russian aggression.
As a result of actions taken globally over the past week we can expect to see the impact to us locally as well. Commodity prices which had increased as a result of inflationary pressures earlier are now being increased materially as a result of the war. These increases tend to hit the most vulnerable of our population. We can expect disruptions in the financial markets to continue and in some cases may become worse in a prolonged state of conflict. Premier Members will be in full compliance with every action and sanction required of us as a financial institution.
More and more businesses are deciding to take steps to reduce their service, suspend or terminate operations, products or services offered to Russia. While many of these will impact services offered directly to the Russian people and/or businesses, some will impact the flow of payments in and out of Russia.
Here are some things that you should be aware if you need to conduct transactions between your account at PMCU and Russia:
- Transactions may be prohibited based upon sanctions or the actions of companies that we work with to process payments
- Transactions that will be allowed may require additional levels of review and administration impacting the timeliness of transactions
The financial services sector, and financial institutions specifically, play an integral role in sanctions and payments screening and processing. Premier Members is applying and adhering to all enhanced domestic and international banking sanctions that have been introduced since the invasion commenced, and stands ready to do more as directed by United States financial regulatory bodies. This will help protect our members from inadvertent, but costly, sanctions violations, in addition to broader financial crime, compliance, and reputational risks.
Our thoughts are with the Ukrainian people. We will continue to closely monitor unfolding events and update our response as necessary.
CEO, Premier Members Credit Union