Course description

 

It has always been challenging to open accounts for nonresident aliens and to identify the person we are doing business with. 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.
 
What You Will Learn

  • Resident aliens versus Nonresident aliens
  • Interest Reporting Rules and require Foreign TINs.
  • How to complete the W-8BEN with FTINs and US TINs
  • Types of identification available - both primary and secondary
  • Sorting out social security numbers and individual taxpayer identification numbers
  • W-8 Forms
  • W-8BENE
  • Customer Identification Program requirements
  • Office of Foreign Assets and Control requirements
  • Tracking and monitoring high risk accounts
  • FATCA
  • 1042S Reporting
     
     

Who Should Attend
This informative session is for New Accounts Representatives, Personal Bankers, Lenders, Tellers, Branch Managers and Branch Administration.

 

Instructor(s)

Deborah Crawford

Deborah Crawford is the President of gettechnical inc. She specializes in compliance and regulations for the deposit side of financial institutions. Her 27+ year career in banking and training began at Hibernia National Bank. She has been a seminar leader for many state associations and credit union groups across the nation. She has Bachelors and Masters degrees from Louisiana State University.

Course curriculum

  • 1

    Webinar

    • Access Webinar

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