CU*Answers is preparing for the next Bank Secrecy Act requirement coming this spring for tracking legal entity accounts only to allow credit unions to perform additional due diligence on any individual owning 25% or more of the company or who acts as a controlling agent on behalf of the company. It was designed to curb the use of shell companies to hide the identities of individuals who would normally be blocked from doing business in the U.S.
Beneficial Ownership changes will allow CU*Answers clients to configure another joint owner type for their corporate and other legal entity membership designations. It will also include a comment section for additional information. Beneficial Owners will be included in the non-member database and will be scanned automatically against the OFAC lists.
This new joint owner type will also be helpful for tracking other ownership types such as power of attorney (POA), authorized users and payable on death (POD) relationships.
About the Partner
CU*Answers offers expertise in implementing technical solutions to operational needs, and is a leader in helping credit unions form strategic alliances and partnerships. CU*Answers provides a wide variety of services for credit unions including its flagship CU*BASE® processing system (online and in-house) and Internet development services featuring It’s Me 247 online and mobile banking. Additional services include web development, network design and security, and image check processing. Founded 40+ years ago, CU*Answers is a 100% credit union-owned cooperative CUSO providing services to credit unions representing over 1.8 million members and $17 billion in credit union assets. For more information, visit cuanswers.com.
Representing a network of credit union owned CUSOs that have developed a capability for serving members in a whole new way, cuasterisk.com leverages the power and effectiveness of a collaborative network of business partners committed to coming together to provide credit unions a variety of popular services at competitive CUSO prices. The footprint of this network reaches over 600 credit unions nationwide and is designed to provide credit unions the opportunity to roll out new services faster to market and at a lower cost.