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Nonresident Alien Accounts: W-8s, W-8BENs, BSA, Rules & More

Registration Options and Pricing

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Friday, November 4, 2016

8:00 am – 9:30 am PT
9:00 am – 10:30 am MT
10:00 am – 11:30 am CT
11:00 am – 12:30 pm ET

Foreign individuals maintaining relationships with U.S. banks can be divided into two categories: resident aliens and nonresident aliens (NRA). An NRA is a non-U.S. citizen who is not a lawful, permanent resident of the U.S. during the calendar year, and who does not meet the substantial presence test, or has not been issued an alien registration receipt card (also known as a green card).

Although NRAs are not permanent residents, they often have a legitimate need to open deposit accounts at U.S. financial institutions. The amount of NRA deposits in the U.S. banking system has been estimated to range from hundreds of billions of dollars to about $1 trillion.

How can you open and maintain deposit accounts for nonresident aliens and maintain IRS and BSA compliance? This webinar will examine the impact of FATCA, the required forms, and the acceptable forms of identification for deposit accounts. It will also address related Bank Secrecy Act issues, including CIP and due diligence requirements.

Continuing Education: Attendance verification for CE credits upon request

HIGHLIGHTS

  • Who is a nonresident alien and what are the IRS and BSA requirements for opening deposit accounts?
  • What are the requirements for W-8 and W-8BEN forms? What is the most recent IRS guidance?
  • Common questions about the impact of FATCA and acceptable forms of identification
  • Due diligence requirements for withholding and the “reason to know” principles
  • What are the BSA issues and CIP due diligence requirements?

  • TAKE-AWAY TOOLKIT
    • New account interview question script
    • Checklist for CIP compliance
    • Flowchart for appropriate certification of nonresident alien deposit accounts
    • Links to important IRS instructions and guidance
    • Employee training log
    • Quiz you can administer to measure staff learning and a separate answer key

WHO SHOULD ATTEND?

This informative session is directed to compliance officers, audit staff, risk managers, call center managers, senior management, deposit operation managers, new account personnel, and customer service representatives.

PLEASE NOTE:    Webinar content is subject to copyright and intended for your individual financial institution’s use only.