Account Opening for Nonprofit Organizations & Corporations

If your credit union is asked to open a variety of deposit accounts, there are specific documentation requirements for accounts established for donations, memorials, and various nonprofit organizations. What questions should be asked at account opening? What CIP documentation is required for BSA compliance? Are you complying with the beneficial ownership rules that became effective May 11, 2018? Corporations are "legal entity customers" and are covered by the rules.

If you want to learn more register for NJCUL’s Financial Education Webinars.  This session will teach you how to comply with the BSA provisions for donation, memorial, nonprofit, and corporation accounts and provide practical tips for opening each.

Join us each month for our FREE compliance webinars.  Sign up today to receive timely alerts for upcoming compliance trainings.