Webinar: Opening NRA Accounts
November 15, 2023 3:00 pm - 4:30 pm
New accounts acumen is one of the keys to creating a solid and lasting accountholder relationship and staying in compliance.
This is especially true when it comes to nonresident alien accounts. Don’t get tripped up by the different account opening requirements. This session is your ticket to success.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Complete a W-8BEN correctly
- Identify nonresident alien (NRA) account holders and gather risk-based information
- Ask questions related to the source of funds and country location
- Understand the use of a foreign tax identification number for interest-bearing accounts
- Set NRAs up in your system to report correctly to the IRS
WEBINAR DETAILS
Opening accounts for nonresident aliens and identifying the person with whom you are doing business has always been challenging. Since the USA PATRIOT Act customer identification program (CIP) law passed, opening these accounts and obtaining the required documentation and identification is trickier than ever. This is also a BSA exam "hot spot" with regulators because NRA accounts are considered high risk. 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-8BEN and 1042-S completion? What role does the Office of Foreign Assets Control (OFAC) play in your new accounts procedures? If you are pondering these questions or other NRA compliance issues, this session is a can’t-miss.
WHO SHOULD ATTEND?
This informative session is designed for new accounts personnel, BSA staff, compliance staff, trainers, branch operations personnel, and managers.
TAKE-AWAY TOOLKIT
- Withholding handbook
- Employee training log
- Interactive quiz
- PDF of slides and speaker’s contact info for follow-up questions
- Attendance certificate provided to self-report CE credits
Speaker: Deborah L. Crawford, Gettechnical, Inc.
Deborah Crawford is the President of Gettechnical Inc., a Florida-based firm, specializing in the education of financial institutions across the nation. Her 30+ 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 areas of deposit account laws, new account documentation, insurance, complex compliance regulations, and IRAs.
Register Here
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