Wednesday, May 26, 2021
12:00 – 1:30 pm (Eastern Time)
11:00 – 12:30 pm (Central Time)
10:00 – 11:30 am (Mountain Time)
9:00 – 10:30 am (Pacific Time)
Opening and managing accounts for nonresident aliens (NRAs) can be overwhelming tasks. What kind of identification can I request? What if the individual doesn’t have a social security number? How do we report interest earned at year-end?
In this informative branch compliance training, you will learn how to effectively identify nonresident aliens, conduct enhanced due diligence at account opening, and appropriately monitor these high-risk relationships. You will gain important insight into proper tax reporting of NRA accounts. Sample language, tips and tools you can utilize to update your policies and procedures will be provided. Don’t miss this jam-packed webinar!
- Differentiating between Resident Aliens and Nonresident Aliens
- Becoming familiar with identification documentation you may see at account opening
- Comparing and understanding tax identification number types
- Completing the W-8BEN: When and how
- Conducting appropriate enhanced due diligence
- Monitoring processes to incorporate into your BSA procedures
- Reporting NRA transactions to the IRS
Dawn began her banking career working for a community bank, while attending The Ohio State University. She has nearly fifteen years of experience in client service, operations, information technology, administrative and board relations, marketing and compliance. Most recently Dawn served as the Senior Vice President of Bank Operations for a central-Ohio based community bank, where she created and refined the bank’s policies and procedures, conducted self-audits and risk assessments, and organized implementation of new products and services. She has served in the roles of Compliance, BSA/AML, CRA, Privacy and Security Officer and led training initiatives, prepared due diligence information for and completed a variety of regulatory applications and coordinated internal and external audits and exams.
1.5 CPE Credits