What information must be collected if a purchaser does NOT have an account with the credit union?

The correct answer is that the name and address of the purchaser must be collected if they do not have an account with the credit union. This requirement aligns with antimoney laundering (AML) and customer identification program (CIP) regulations, which are designed to ensure that financial institutions know who they are dealing with to prevent illicit activities.

When a purchaser does not have an existing relationship with the credit union, collecting their name and address helps fulfill due diligence obligations and assists in the verification of the individual's identity. This information is crucial for maintaining accurate records, tracking financial transactions, and complying with regulatory requirements.

In contrast, simply collecting the name alone would not provide adequate information to confirm the identity of the purchaser, and gathering only the date of the purchase or the type of payment method used does not contribute to verifying the purchaser's identity. Therefore, the comprehensive approach of gathering both the name and address ensures compliance with BSA regulations and enhances the security measures in place at financial institutions.