Opening NRA Accounts

Opening accounts for nonresident aliens (NRAs) and identifying the person with whom you are doing business has always been challenging.  Since the USA PATRIOT Act Customer Identification Program (CIP) law passed, opening these accounts and obtaining the required documentation and identification is trickier than ever.  This is also a BSA exam "hot spot" with the regulators because NRA accounts are considered high risk.  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 the Office of Foreign Assets and Control (OFAC) play in your new accounts procedures?  If you are pondering these questions or other NRA compliance issues, this session is a must.

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