BizChex
The process of establishing a commercial applicant's identity and background.
What is BizChex?
The software application used to check members and non-members against OFAC and other government watch list.
What is Verafin?
To capture information to effectively assess the risk a business poses to the credit union.
What is the purpose of CDD?
Business owners must qualify for membership.
What is 5 or less employees?
True or False: Red flags disqualify business accounts
ChexSystems is to consumer accounts, as Bizchex is to _______ accounts.
What is business accounts?
This is required with every business account.
What is the beneficial ownership forms?
NAICS stands for.
What is North American Industry Classification System Code?
This letter is required for 6 or more employees
What is Business Partner Letter?
True or False: TFCU will never reopen a closed account.
What is False?
Name at least 2 things Bizchex examines of the business information.
What is EIN, Business names, checking account history, SSNs, and Addresses?
The key individuals who own or control a legal entity.
Who is beneficial owners?
A system used to categorize businesses on their type of economic activity.
What is NAICS Code?
Give an example of when a qualifile report is pulled
What is not a current member, a new share draft, or adding a non-member authorized signer?
If an exception is made to the 30-day rule, these steps must be taken.
What is re-identify member and provide full disclosures?
Name the four things to be verified for authorized signers.
What is name, SSN, address and DOB?
The minimum percent to be considered a beneficial owner.
What is 25%?
The CDD questionnaire is found here
What is verafin?
Name a time a CBR report would be required.
What is a Sole Proprietorship with no EIN assignment from the IRS?
True or False: TFCU will open up cannabis-related business accounts?
False