BizCHEX
BizChex is to ______ what ______ is to consumer accounts
What is business accounts & Qualfile/Chexsystems
What software where you will input Beneficial Ownership?
Verafin
Where do you go to access the CDD Questionnaire?
Verafin
TRUE OR FALSE: Businesses with ≤ 5 employees BUSINESS OWNERS do not have to qualify for Membership
FALSE
Closed business accounts should NOT be reopened unless:
The account was closed accidentally by TFCU or the account was closed by the Member within the last 30 days
TRUE or FALSE: You will pull a BizChex for all authorized signers?
TRUE
True or False:
The following information is required from beneficial owners
True
What is the purpose of the CDD Questionnaire?
To capture information to effectively assess the risk a business poses to the Credit Union.
True of False: Businesses with > 5 Employees, OWNERS have to Qualify as Members
FALSE
Steps taken when a cannabis related business employee or owner opens a personal account
What is advise the member that the account cannont be used for CRB activity & notify BSA
TRUE or FALSE: BizChex is up to date when pulled the same day?
FALSE. BizChex can be up to 7 days delayed
What is the title of the individual with significant responsibility for managing the legal entity?
What does the acronym NAICS stand for?
North American Industry Classification System
This type of report is NOT required for authorized signers on a business account except for in the following instance
What is a sole proprietorship AND no EIN assignment
TFCU will NOT provide ___, ____, or other operational services to bannabis related businesses
What is deposit & payment services
BizChex examines a business's information against a nationwide database of: ___, ____, SSN's, Addresses, and Checking Account History
What are EINs and Business Names
What percentage of ownership must be identified for who directly owns interests in the legal entity?
25%
NAICS Code: What is it?
A 6-digit code used to categorize businesses in the US, Canada and Mexico based on their type of economic activity.
This system is used to pull a report as part of the process of establishing a prospective member's identity and background
What is Qualfile/ChexSystems?
TRUE or FALSE: A potential business owner states they operate a laundry mat and discloses no cash expected for deposit activity only large ACH deposits and wires out as anticipated, is this a red flag?
ABSOLUTELY TRUE!!
Name, Address, Date of Birth, and ___ will be verified for Authorized Signers via BizChex
What is SSN
What information will still need to be obtained for beneficial ownership if no one person owns 25% or more of the legal entity?
The controller
Based on a Members declared behavior on the CDD questionnaire you determine that their request for a new business account will be denied. Name 3 of the 10 types of business accounts that TFCU will not open for members.
Internet Gambling
Marijuana Related Business
Professional Service Providers
Embassy, Foreign Consulate or Foreign mission
Non-bank financial institutions
Money Service Business
Charities or non-profits
Bulk Shipments of currency
Third Party payment processors
Privately-owned ATM's
Per Membership approval/CIP regulations, TFCU has __ to collect and verify all membership and CIP documents
What is 7 days?
What is 30-day & new account