Opening Deposit Accounts for Nonresident Aliens
New rules have impacted account opening procedures for nonresident aliens and these customers will receive greater scrutiny in upcoming regulatory exams.
Learn everything you need to do a great job with this special market.
New rules on FATCA have impacted your account opening procedures for nonresident alien customers. The new information that is required to report 1042-S correctly is very detailed and different than last year. You will be required to put status, recipient and exemption codes for your nonresident alien customers. Plus you will need to have foreign addresses, foreign TIN and many other pieces of information on your customers. This year, your foreign entities and consumer customers will receive greater scrutiny in your examinations for BSA and compliance. Learn everything you need to do a great job with this special market.
- Resident versus nonresident alien
- Substantial presence test
- Identification for nonresident alien individuals
- Customer identification programs
- Customer due diligence
- Risk rating nonresident alien customers
- W-8BEN and W-8BENE
- 1042-S reporting and information gathering
- Impact of FATCA on foreign entities
New account representatives, branch managers, branch operations, BSA officers, training and all frontline individuals who work with foreign customers.
Deborah Crawford is the President of Gettechnical Inc, a Baton Rouge-based firm, specializing in the education of financial institutions across the nation. Her 27+ years of experience began at Hibernia National Bank in New Orleans. She graduated from Louisiana State University with both her bachelor’s and master’s degrees. Debbie specializes in the education of financial institution employees and officers in the area of deposit account laws, new account documentation, insurance, complex compliance regulations and IRAs.
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