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.
What You Will Learn
- Resident aliens versus Nonresident aliens
- Types of identification available - both primary and secondary
- Sorting out social security numbers and individual taxpayer identification numbers
- W-8 Forms
- Customer Identification Program requirements
- Office of Foreign Assets and Control requirements
- Tracking and monitoring high risk accounts
- 1042S Reporting
Who Should Attend?
This informative session is for New Accounts Representatives, Personal Bankers, Lenders, Tellers, Branch Managers and Branch Administration.
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