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This webinar recording is designed to develop your new accounts procedures to open deposit accounts for nonresident aliens. You will receive information on acceptable forms of identification, types of questions you should ask and how to report to the IRS on a 1042S. There are many different issues which impact the risk rating of your nonresident alien customer from geography to transactions that are high risk. You will learn to complete the W-8BEN properly and set up coding in your system for W-8BENs that expire.
- Who is a nonresident alien;
- How FATCA impacted your account opening procedures;
- SSN, ITINS and FTIN on W-8BENs;
- Types of Identification to open account;
- CIP and CDD for Nonresident aliens;
- How to complete new W-8BEN and W-8BENE;
- New ITIN rules for expiration;
- Rules for using previous versions of the form;
- TIN requirements for Forms W-8BEN;
- Due Diligence requirements for withholding and “Reason to know”;
- Requesting a new W-8BEN;
- W-8 Period of Validity;
- Substitute Forms W-8;
- OFAC Special Issues–North Korea, Iran, Russia; and
- Politically Exposed Individuals
New Accounts Representatives, Personal Bankers, Branch Management, Branch Administration, Compliance, BSA and Training
Deborah L Crawford is the President of Gettechnical Inc. a Virginia/Louisiana based training company. She has been an instructor and a banker for over 30 years. She obtained her bachelors and master’s degrees from Louisiana State University. Her specialty is the deposit side of the financial institution including BSA, IRAs and deposit regulations. Over the years she has been an instructor for many state associations and leagues.