Dealing with nonresident alien accountholders adds another layer of issues to account opening, maintenance, and reporting.
Since the USA PATRIOT Act, Customer Identification Program (CIP) law passed, opening these accounts and covering the required documentation and identification bases makes dealing with these accounts more challenging than ever. This issue is also a Bank Secrecy Act exam "hot spot" with the regulators as nonresident alien accounts are considered to be high risk.
This session will address the following questions about procedures and your bank: What does the law say about identifying nonresident aliens? What type of identification is being used around the country to open accounts? What are the proper procedures for W-8 reporting? What role does Office of Foreign Assets and Control (OFAC) play in your new accounts procedures? If these questions have not been answered to your satisfaction in your bank this session is a must.
This webinar will provide the insight you need to handle the following issues effectively and still provide great member service:
Resident alien vs. nonresident alien: Who is considered a resident alien?
Questions during account opening: What questions should be asked at account opening, not only for compliance purposes, but also to ensure we can provide the needed services (e.g., foreign wire and ACH capability)?
= Types of identification available: both primary and secondary
= Sorting out social security cards: What is the difference between a Social Security number and an ITIN?
= W-8 Forms: Who is eligible to complete a W-8BEN?
= Customer Identification Program requirements
= Office of Foreign Assets and Control requirements
= Tracking and monitoring high risk accounts: Important steps to ensure high risk nonresident alien accounts are properly tracked and monitored.
= FATCA: What are the FACTA compliance issues?
= 1042S Reporting: What are the IRS 1042-S reporting requirements?
Who Should Attend
This informative session is for new accounts representatives, personal bankers, lenders, tellers, branch managers, and branch administration.