It has always been challenging to open accounts for nonresident 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 than ever. This issue is also a Bank Secrecy Act exam "hot spot" with the regulators as nonresident 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 nonresident 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.
Who Should Attend
This informative session is for New Accounts Representatives, Personal Bankers, Lenders, Tellers, Branch Managers and Branch Administration.
Opening Accounts for Nonresident Aliens has been approved for 2 CAMS credits. Credits are redeemable for Live attendance only. Credit is for Live attendance only. Accreditation is valid for one year from the date of the event. For questions on certificates, please email firstname.lastname@example.org.