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Nonresident Alien Accounts: Opening, Managing, CIP, CDD & Records Webinar

Nov 29 2:00 PM - Nov 29, 2022 3:30 PM
Nov 29, 2022 2:00 PM - 3:30 PM
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Do you need all the help you can get with NRA accounts? This webinar will cover all the rules and “how tos” to keep you in compliance, but it will also provide a take-away toolkit bursting with samples, guides, and information to make the process easier. Don’t miss it!

Learning Objectives

  • Differentiate between resident aliens and nonresident aliens
  • Be familiar with identification documentation you may see at account opening
  • Compare and understand different types of tax identification numbers
  • Accurately complete the W-8BEN in a timely manner
  • Conduct appropriate enhanced due diligence
  • Incorporate processes into your BSA procedures
  • Correctly report NRA transactions to the IRS

Opening and managing accounts for nonresident aliens (NRAs) can be overwhelming. What kind of identification should you request? What if the individual doesn’t have a Social Security number? What initial and ongoing due diligence procedures should be incorporated into your process? Can you open a loan? How is year-end interest reported?

This jam-packed session will demonstrate how to effectively identify nonresident aliens, conduct enhanced due diligence at account opening, and appropriately monitor these high-risk relationships. You will gain important insight into proper tax reporting of NRA accounts. Tips, tools, and sample language will be provided that you can use to update your policies and procedures.

Agenda

Speakers

Dawn Kincaid, Brode Consulting Services, Inc.

Dawn Kincaid began her banking career while attending The Ohio State University. She has over 20 years’ experience in client service, operations, information technology, administrative and board relations, marketing, and compliance. Most recently Dawn served as the Senior Vice President of Operations for a central-Ohio-based community bank, where she created and refined policies and procedures, conducted self-audits and risk assessments, and organized implementation of new products and services. Dawn has served in the roles of Compliance, BSA/AML, CRA, Privacy, and Security Officer. She has led training initiatives, prepared due diligence information, completed a variety of regulatory applications, coordinated internal and external audits and exams, and presented for numerous state associations.

Location

Fees

$259.00 

Your registration includes unlimited locations, making it easier to share and learn with remote staff.

Please note: You may share the link with others at your credit union, however the confirmation will be sent to one primary contact at your credit union. It will be up to the primary contact to share the material with others.

Additional Info

Event Type

On-Demand Webinar

Topics Covered

  • On-Demand Webinars
  • Operations
  • Member Service
  • Lending & Collections
  • Compliance