Salal Credit Union is required to conduct “Know Your Customer” due diligence on every membership it serves, and as part of this effort, each year we perform a review of every business member’s account. This review includes looking at the following documentation for your business:
- Ownership
- Authorized signers
- State business licenses
- Cannabis licenses
- File documents
Salal is mandated to maintain current documents in each member’s file, and in cases where a form is missing, we’ll send you a DocuSign to complete. These DocuSign emails will come from the Business Compliance email address and will be labeled “Salal Credit Union”. We appreciate your quick attention to these DocuSigns, which are separate from the monthly sales reporting and other task items completed by our licensed cannabis members through the new Member Compliance Portal.
The most common form that we may need to update is your Beneficial Owner Certification form, which lists all individuals who own 25% or more of your business, along with the Control Person who has decision-making responsibility for the business. Many of you have already received and completed a new Beneficial Owner form during our recent Annual Reviews, and we are grateful for your speedy action!
Other forms that we may routinely need to update include Attestations and Online Banking forms, as well as various Treasury and Cash-related agreements, such as ACH or wire addenda, or enrollment forms for Remote Deposit Capture (RDC) or Positive Pay, for those members who use any of those services.
If you have any questions about the annual review process, please reach out to your Salal Business Account Officer. Thank you for helping to keep our cannabis banking program compliant for the benefit of all our members!
