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.