Opening & Maintaining Accounts for Non-U.S. Citizens

This program takes the mystery out of opening accounts for non-U.S. citizens.

This tele-web seminar will begin on Thursday, December 6, 2012 at 11:30 AM to 1:30 PM Pacific Time.

Opening accounts for non-U.S. citizens raises questions and presents challenges for many bankers. This program is designed to take the mystery out of the process. Terms are defined, and documentation is explained in plain language. BSA and IRS requirements are explored in detail. Participants are encouraged to turn to the bank’s CIP for specific allowances and instructions under the bank’s policies and procedures.


  • What is the difference between a resident alien and a nonresident alien?
  • How does the bank determine if the customer is a resident or a nonresident alien?
  • What does the Bank Secrecy Act require when opening an account for a non-U.S. Citizen?
  • What does the IRS require when opening an account for a non-U.S. Citizen?
  • Is a U.S. taxpayer identification number required at account opening?
  • What types of documentation are available?
  • When is an IRS Form W-8 BEN required?
  • When must a Form W-8 BEN be renewed?
  • Does the bank require the customer to sign the certification on the signature card?
  • Does the bank report interest paid to non-U.S citizens?

The program also includes a review of the NEW Form W-8 BENs proposed by the IRS. The IRS is proposing one for use in certifying the foreign status of an individual, and another for use by an entity.


Financial institution personnel responsible for opening deposit accounts or supervising the new accounts function, compliance officers and auditors. This is an introductory program.


Laura Wilson is a principal with Pegasus Educational Services, LLC. Audiences routinely comment on her unique recollection of material and sense of humor. At one time she served as compliance trainer for a $3 billion savings bank. Later, she was a senior consultant/trainer for a consulting firm for financial institutions. She has also taught at compliance schools sponsored by the OTS and the FDIC.

Credit Information

2.0 total credits


Member price: $250.00 | Non member price $500.00