to our Members
PROCEDURES FOR OPENING A NEW ACCOUNT
To help the
government fight the funding of terrorism and money laundering activities,
Federal law requires all financial institutions to obtain, verify, and
record information that identifies each person who opens an account.
means for you: When you open an account, we will ask for your name, address,
date of birth, and other information that will allow us to identify you.
We may also ask to see your driver's license or other identifying documents.
rule outlines the procedures for permitting a credit union to rely on
a third party to perform elements of the credit union's Customer Identification
Program (CIP). A credit union may rely on the performance of another financial
institution (including an affiliate) for any of its procedures with respect
to any customer opening an account or establishing a formal banking relationship.
The other financial institution must be subject to the rule and regulated
by a Federal regulator. The other financial institution must enter into
a contract requiring it to certify annually to the credit union that it
has implemented an anti-money laundering program and it will perform the
specified CIP procedures for the credit union.
are permitted to arrange for an agent (e.g., mortgage broker or car dealer)
to verify the customer's identity. However, the credit union is ultimately
responsible for that agent's compliance with the rule. Credit unions can
contract for services to be performed by a third party either on or off
the credit union's premises (e.g., a third party service provider keeps
its records). NCUA will require credit unions to document that their service
providers fully comply with this regulation and with the credit union's
CIP policies and procedures.