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

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.