What information must a credit union's records of sales contain if a purchaser has an account with them?

Study for the Bank Secrecy Act Compliance Specialist Exam with flashcards and multiple-choice questions. Each question comes with hints and detailed explanations. Get ready to excel!

The correct choice relates directly to the requirement for credit unions to maintain comprehensive records of transactions, particularly in compliance with the Bank Secrecy Act (BSA). When a purchaser has an account with a credit union, it is essential to have clear identification details, which primarily includes the name of the purchaser. This information is vital for accurately linking transactions to the individual, ensuring that the credit union can meet its obligations for reporting and maintaining records of sales.

Maintaining the name of the purchaser allows the credit union to create a verified and traceable record that aligns with regulatory requirements. It enables the institution to monitor for any suspicious activities and supports compliance with anti-money laundering regulations. While other details such as date of birth, Social Security Number, and address may also be relevant for comprehensive account management and identity verification, the name is the fundamental piece of information needed to fulfill the basic requirements of record-keeping under the BSA.

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