What must a credit union retain during the account opening process?

During the account opening process, a credit union is required to retain the original information obtained during that process. This requirement is in line with the regulations set forth by the Bank Secrecy Act (BSA) and its implementing regulations, which emphasize the importance of maintaining accurate and complete records for all members.

Retaining the original information serves several key purposes: it ensures that the credit union can verify the identity of its members, helps in monitoring for suspicious activity, and provides necessary documentation in the event of an audit or regulatory review. Complete and accurate records are essential for compliance efforts, especially concerning anti-money laundering (AML) regulations.

The other choices do not encompass the full breadth of the required documentation. Simply retaining updated member information or focusing solely on specific details such as employment information would not fulfill the comprehensive record-keeping requirements mandated by the BSA. Thus, retaining the original information collected during account opening is crucial for compliance and operational integrity within a credit union.