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MIP and Red Flags

A visually engaging infographic depicting financial guidelines and compliance, featuring icons such as checkmarks, documents, and money symbols.

MIP and Red Flags Quiz

Test your knowledge on the guidelines and procedures of Members1st regarding MIP and potential red flags in account activities.

8 engaging multiple-choice questions
Score your understanding of key industry practices
Ideal for employees and members alike

8 Questions2 MinutesCreated by InquiringMind457

If a family member of a Members1st employee is opening an account, we do not have to be as strict about following all the MIP guidelines.

True

False

If a member opening an account is homeless/couch-hopping/living at a temporary location, it is ok to use a PO box as their only address.

True

False

An individual who owns ______ or more of the equity interest in a business needs to be listed as a beneficial owner.

33%

50%

25%

30%

If a member asks you what documents they need to bring to an appointment to open a business account, where can you find this information for them?

ML1NK document "What is needed to open a business account"

Secretary of State website

Refer them to Michelle or Angi

If a member cannot provide an unexpired government issued ID, there may be an alternative way we can still verify their information and open an account for them.

True

False

A member's name, DOB, address, and ID number must be kept on file for at least ____ years after the account is closed.

Which of these ways is not an acceptable way to verify an address change at Members1st?

The member changes their address through online banking and then verbally verifies this change with a CU employee

A member asks to change their address over the phone after verifying their code word and mother's maiden name

We receive a notice from the post office that a member's address has changed

The member fills out a change of address form including their signature

If we bought or merged with another credit union, we would need to go through all MIP procedures for every loan that we acquired from the other credit union.

True

False

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