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Opening Deposit Accounts for Non-Resident Aliens
12:00 - 1:30 PM Pacific Time 2:00 - 3:30 PM Central Time
1:00 - 2:30 PM Mountain Time 3:00 - 4:30 PM Eastern Time
It has always been challenging to open accounts for non-resident aliens and to identify the person we are doing business with. Since the USA PATRIOT Act, Customer Identification Program (CIP) law passed, opening these accounts and covering the required documentation and identification bases makes dealing with these accounts more challenging then ever. This issue is also a Bank Secrecy Act exam "hot spot" with the regulators as non-resident alien accounts are considered to be high risk. This session will address the following questions about procedures and your bank: What does the law say about identifying non-resident 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 Office of Foreign Assets and Control (OFAC) play in your new accounts procedures? If these questions have not been answered to your satisfaction in your bank this session is a must.
HIGHLIGHTS
- Resident aliens versus Non-resident aliens
- Types of identification available - both primary and secondary
- Sorting out social security cards
- W-8 Forms and reporting
- Customer Identification Program requirements
- Office of Foreign Assets and Control requirements
- Tracking and monitoring high risk accounts
WHY SHOULD YOU PARTICIPATE?
This session is a cost-effective way to train all frontline personnel who open accounts and for both the lending and deposit side of the bank on regulations and best practices when dealing with accounts for non-resident aliens. You may train as many individuals as you like for one set price. There will be no travel costs, time lost from work and no one will be required to leave the institution.
WHO SHOULD ATTEND?
This informative session is for New Accounts Representatives, Personall Bankers, Lenders, Tellers, Branch Managers and Branch Administration.
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