Member Business Accounts Compliance

RELEASE DATE: MARCH 3, 2025
DURATION: 60 MINUTES

Many business owners look to their credit union for their business account needs. In turn, credit unions see opening business accounts as another way to better serve their members’ needs. However, business account compliance presents its own unique set of challenges. Credit unions must consider what documents are needed, what information to collect, and how to set up the account. In this section, we’ll discuss:

• How a business qualifies for membership
• Common business types
• What documents each type of business should have
• BSA and OFAC with respect to businesses
• Share Insurance for businesses
• Tips for developing business account polices and procedures

SUBJECT MATTER EXPERT

Jamin Carlisle has 15 years of experience in banking and credit union compliance as well as the Credit Union Compliance Expert (CUCE) and BSA Compliance Specialist (BSACS) certifications. His primary areas of expertise include BSA/AML, vendor management, disaster recovery, and staff training. In addition to in-house credit union compliance experience, he has served on planning committees for fraud awareness and elder abuse conferences and given presentations to local community colleges, high schools, and community groups. Jamin has developed and provided compliance and BSA training for groups as large as 350 people.

Aux is a CUSO (Credit Union Service Organization) located in Lakewood, Colorado, near Denver. Our company has been around since 1992, originally founded to assist credit unions with shared branching and service centers. Although we have evolved over the past two decades into something much more complex and diverse, one thing remains the same: our core reason for existence. We are here to help the people “who help the people,” as the old credit union saying goes – to help credit unions help their members.

LEARNING METHOD This training is available as an on-demand webinar, organized into chapters. Learners can choose to watch individual chapters or complete the entire program. Unlimited testing is provided as the last chapter. 

EXPIRY NOTE eTrain reserves the right to expire program links that may include information no longer valid such as regulation and rule changes. In most cases, we will expire a program no more than 4 weeks prior to an updated version being released. Expired programs will still appear in your My Account details area with EXPIRED and the year of the release in the title field. However, you will not be able to view the training or access the handouts.