A member with an account at the credit union is regarded as what for recordkeeping purposes?

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Multiple Choice

A member with an account at the credit union is regarded as what for recordkeeping purposes?

In recordkeeping and BSA monitoring, the person who owns the account is the accountholder. This designation identifies who has ownership and control of the funds, and whose information appears on the account for reporting and compliance purposes. The accountholder’s identity is what drives when and how transactions are reviewed, such as CTR reporting for large cash activity. A person without an account isn’t the accountholder, a merchant is a business entity, and a third-party payer is someone paying on behalf of another, not the account owner.

In recordkeeping and BSA monitoring, the person who owns the account is the accountholder. This designation identifies who has ownership and control of the funds, and whose information appears on the account for reporting and compliance purposes. The accountholder’s identity is what drives when and how transactions are reviewed, such as CTR reporting for large cash activity. A person without an account isn’t the accountholder, a merchant is a business entity, and a third-party payer is someone paying on behalf of another, not the account owner.

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