MIP
Member Identification Policy
Member Identification Policy
This form of identification is no longer acceptable on its own due to fraud concerns.
What is a U.S. Passport Card?
The initial method used to scan a potential member against OFAC.
What is Sanction Screening?
This triggers a Currency Transaction Report (CTR).
What is a cash transaction over $10,000?
This acronym means "Be on the lookout."
What is BOLO?
This must be completed within 60 days if required documentation is unavailable at account opening.
What is obtain documentation or account closure?
This person must provide their identification when opening an account for a minor.
What is the parent or legal guardian?
This third-party is used to perform OFAC screenings.
What is Nasdaq Verafin?
Used to report suspicious activity to the BSA Officer.
What is a Service Event?
This screen is Symitar is used to document how a member's identity was verified.
What is EMV (Enhanced Member Verification) screen?
This form must be completed for all new business accounts that provides expected activity of the business.
What is the Business Account Information Form?
This report is used to authenticate personal information provided at account opening.
What is ChexSystems report?
This action must be taken if a true match is discovered during OFAC screening.
What is notify the BSA Officer?
This optional CTR field helps determine if a large cash transaction aligns with a member's financial behavior.
What is Occupation?
This type of alert on a credit report may indicate identity theft.
What is a fraud or active duty alert?
This document must be provided to a member if QualiFile is denied.
What is an Adverse Action Notice?
These three details must be recorded from a member’s identification to comply with BSA verification requirements.
What are...
ID Number
Date of Issuance
Expiration Date
This manual method is used to perform OFAC searches when Verafin is unavailable.
What is searching the OFAC List saved on the network?
This is when someone breaks up transactions to avoid reporting, such as a CTR.
What is 'structuring?'
Action required when a member requests a debit card within 30 days of an address change.
What is verify the address?
The person responsible for OFAC screening the recipient of a wire.
Who is the Senior EFT Specialist?
Required when a member provides a PO Box as their address.
What is a physical address?
The acronym OFAC stands for...
What is Office of Foreign Assets Control?
This form must be completed for legal entities with owners holding 25% or more of equity interest.
What is the Certification Regarding Beneficial Owners of Legal Entity Customers?