Opening NRA Accounts
StreamedNov 15, 2023Duration90 minutes
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- Unlimited & shareable access starting two business days after live stream
- Available on desktop, mobile & tablet devices 24/7
- Take-away toolkit
- Ability to download webinar video
- Presenter's contact info for questions
New accounts acumen is one of the keys to creating a solid and lasting accountholder relationship and staying in compliance.
This is especially true when it comes to nonresident alien accounts. Don’t get tripped up by the different account opening requirements. This session is your ticket to success.
AFTER THIS WEBINAR, YOU’LL BE ABLE TO:
- Complete a W-8BEN correctly
- Identify nonresident alien (NRA) accountholders and gather risk-based information
- Ask questions related to the source of funds and country location
- Understand the use of a foreign tax identification number for interest-bearing accounts
- Set NRAs up in your system to report correctly to the IRS
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.
WHO SHOULD ATTEND?
This informative session is designed for new accounts personnel, BSA staff, compliance staff, trainers, branch operations personnel, and managers.
- Withholding handbook
- Employee training log
- Interactive quiz
- PDF of slides and speaker’s contact info for follow-up questions
- Attendance certificate provided to self-report CE credits
NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your institution is prohibited. Print materials may be copied for eligible participants only.
Deborah L. Crawford
This Webinar Appears In
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