New Non-Resident Alien Rules: BSA, W-8BEN and Interest Reporting

Opening accounts for NRAs is complicated process for your financial institution. The reward is great, but the compliance work is a little more intricate. The Bank Secrecy FFIEC Examination manual has labeled these as higher risk customers and will require you to do more due diligence than on your ordinary customer. So you will be required to learn more about your NRA customer, and why the customer is banking with your financial institution. You also have different types of identification to consider as well as the interest reporting requirement on the 1042S since 2013. In this program, you will learn when to distinguish between resident aliens and nonresident aliens. Remember tax status changes and so does your customer's situation so you will have to keep up and work with a very interesting group of customers.

What You Will Learn:

  • Newly issued W-8BEN and W-8BENE have been issued and will be reviewed in this program
  • FATCA timeline for withholding
  • What is the difference between resident and nonresident aliens-green cards and substantial presence test
  • CIP and CDD issues for nonresident aliens under BSA
  • What types of identifications can we use-Consular Cards, Passports, National Identification Cards, VISAs and more
  • When the ITIN expires, when the customer gets a SSN what happens to the ITIN, when customers do not have a TIN
  • Completing the W-8BEN, international addresses and when no international address
  • New interest reporting rules on 1042S
  • OFAC issue
  • And much much more

Who Should Attend?

New Accounts, Branch Managers, Branch Operations, Customer Service Representatives, Personal Bankers, CIP Administration and Bookkeeping.

"Extremely informative, excellent questions. Thank you!!!!" -Marisa M., NorStates Bank