10 Common Errors on Nonresident Alien Accounts (NRA)

If you are asking your customer “Are you a US citizen?” at account opening, you might be asking the wrong question and creating unnecessary risk. Learn the most common errors so you can avoid unnecessary risk.

Recorded Tuesday,
March 5th, 2024
Presented by Deborah Crawford
2h total length
$299.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Accounting/Reporting
  • Compliance
  • Deposit Accounts
  • Deposit Compliance
  • General Compliance
  • Reporting
  • Transaction Compliance
  • Branch Manager
  • Compliance Officer
  • Deposit Operations Manager/Specialist
  • New Accounts Representative
  • Private Banker
  • Training Manager
  • Trainer

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A better question to ask your customer is “Are you a US Person?”. These and many other errors set up NRA accounts incorrectly so that you report the interest incorrectly to the IRS. It begins with the W-8BEN and ends with the 1042 S interest reporting. If you miss this program, you may continue to make common errors that cause you liability and lack of compliance.

What You'll Learn

  • Who is a US Person
  • Use a US TIN
  • Why we have to get FTINs
  • What if we don’t track W-8BEN expirations
  • What if we don’t get FTINs
  • Countries that we report interest to on the 1042S

Who Should Attend

Deposit Operations, Deposit Compliance, Branch Administration, New Accounts, Training, Personal Bankers, and anyone who opens accounts for Nonresident Aliens needs this course to avoid unnecessary risk.

Deborah Crawford

Instructor Bio

Deborah Crawford is the President of Gettechnical Inc., a Florida based training company. She specializes in the deposit side of the financial institution and is an instructor on IRAs, BSA, Deposit Regulations and opening account procedures. She was formerly with Hibernia National Bank (now Capital One) and has bachelor's and master's degrees from Louisiana State University. She has 35+ years of combined teaching and banking experience.