What is required regarding the original information obtained during account opening by a credit union?

Retaining the original information obtained during account opening, along with any updated information, is essential for compliance with regulatory requirements, including those outlined by the Bank Secrecy Act (BSA). This retention ensures that the credit union can effectively verify the identity of its members, fulfill its due diligence requirements, and maintain a comprehensive history for risk assessment and auditing purposes.

Particularly, keeping both the original and updated information supports the institution in addressing potential suspicious activity and provides the necessary documentation for regulatory examinations. This practice helps in solidifying the integrity of the credit union's customer identification program and enhances its overall compliance posture.

The other options do not align with regulatory expectations. Discarding information after verification undermines the ability to maintain a full profile of a member, which is risky for compliance. Simply replacing original information with updated data fails to provide a complete audit trail. Additionally, requiring retention for only a year does not meet the extended retention periods stipulated for many financial documents and records.