FINANCIAL COOPERATIVE ASSOCIATION OF INTERNATIONAL CIVIL SERVANTS
N° 83 / FEBRUARY 2022
It's good to be the King
As Mel Brooks portrayed with his second to none sarcasm, being the King certainly gave some advantages… but at AMFIE even if everyone is treated equally the Kings and Queens benefited from sound returns as you will read in our column. Whether you chose to invest in AMFund or simply kept your money in savings account, rewards have been very attractive compared to the risk level in 2021.
Hence, your Board decided to keep savings and Flexible account rates unchanged for the next quarter, outclassing the actual market.
You will also be updated on the latest list of embargoed countries for you to anticipate any red tape should you be concerned.
Finally our marketing team is preparing a new "rendez-vous" for AMFIE members in the form of a webinar. To know more, scroll down…
Stay tuned for more (good) news!
President of the Board of Directors
Change of account for deposits in France
Following an internal policy change, ING Bank France, Immeuble Lumière 40 avenue des Terroirs de France, F-75616 Paris, Cedex 12 informs us that they are going to make changes to the management of their customer accounts (account in reference for AMFIE FR76 3043 8000 0141 7790 3600 017, INGBFRPP).
As a consequence, we advise our members who make their deposits with AMFIE from France to favor our account with CIC France, or one of our two other accounts in euros in Luxembourg.
If you have a standing transfer order in favor of the AMFIE account with ING France, please take the necessary steps immediately to redirect your deposits to one of the three accounts mentioned above.
the list of our correspondent banks evolves regularly, we invite you to consult it before making deposits. This list is published in our Members' area of our website www.amfie.org under Deposits and Correspondent Banks.SEE THE LIST
Yields: 1st quarter 2022
The Board of Directors has decided to maintain the AMFIE yields for the 4th quarter 2021.
Please find the returns on the Savings account, the term deposit AMFIE Flexible, and the Savings account 0-18 with the link below. You will also conslt the AMFund past perfomances.SEE THE YIELDS
Why can't a member direct an invoice to AMFIE?
The accounts that AMFIE holds with correspondent banks are omnibus accounts. These are accounts that are used by all members to fund their accounts with AMFIE. Once the assets have been deposited in these accounts which belong to AMFIE, our colleagues refund the assets to the corresponding individual accounts.
This is why AMFIE accounts cannot be used to pay invoices permanently and automatically.
International organisations and authorities including the United Nations and the European Union, and local and national governments, are empowered to impose restrictive measures on countries, organisations, legal persons and individuals implicated in or suspected of breaches of human rights or international law, criminal activities, terrorism, money-laundering, etc.
These measures are generally known as “sanctions” or “embargos”.
AMFIE has a duty to comply with the applicable laws and regulations, and with the obligations implicit in them, and may on occasion be more strict than the rules require.
An embargo is a restrictive measure or sanction adopted at national and/or international level.
You will find in our article, the restrictions on the transfer and/or reception of funds from/to countries subject to an embargo, as well as the restrictions on entry in relation to residents of countries subject to an embargo.