September 9, 2014 - 1:08pm
#1
Does your Credit Union perform CIP/due diligence on all owners of a business, regardless of whether they will be listed on an account? For example, ABC business has 3 owners, #1 has a 5% ownership and is not active in the day to day functioning of the company (he is basically just an investor). #2 and #3 are owners, managers, etc. 1,2, and 3 are all in agreement that only 2 and 3 should have access to the account and provide an entity authorization for the account stating as much. How much information do you collect on #1? Thanks, Jennifer Rue jrue@fcfcu.com.
