Opening and managing accounts for nonresident aliens (NRAs) can seem overwhelming. What kind of identification can be requested? What if the individual doesn’t have a Social Security number? How is earned interest reported at year-end? This informative session will explain how to effectively identify nonresident aliens, conduct enhanced due diligence at account opening, and monitor these high-risk relationships. You will also gain insight into proper tax reporting of NRA accounts and be provided with sample language, tips, and tools to update policies and procedures. Don’t miss this jam-packed webinar!
- Differentiating between resident aliens and nonresident aliens
- Identification documentation at account opening
- Comparing and understanding tax identification number types
- When and how to complete the W-8BEN
- Enhanced due diligence
- Monitoring processes to incorporate into BSA procedures
- Reporting NRA transactions to the IRS
- TAKE-AWAY TOOLKIT
- Reference tool illustrating the difference between resident and nonresident aliens
- Sample NRA language for BSA/AML risk assessment
- Account opening and due diligence documentation
- Sample W-8BEN
- IRS reporting reference guide
- Employee training log
- NEW – Interactive quiz
WHO SHOULD ATTEND?
This informative session is a must for compliance officers, BSA officers, branch managers, new account representatives, and staff who prepare tax documents.
SPEAKER: Dawn Kincaid, Brode Consulting Services, Inc.
Dawn Kincaid began her banking career while attending The Ohio State University. She has 17 years’ experience in client service, operations, information technology, administrative and board relations, marketing, and compliance. Most recently Dawn served as the Senior Vice President of Operations for a central-Ohio-based community bank, where she created and refined policies and procedures, conducted self-audits and risk assessments, and organized implementation of new products and services. Dawn has served in the roles of Compliance, BSA/AML, CRA, Privacy, and Security Officer. She has led training initiatives, prepared due diligence information, completed a variety of regulatory applications, and coordinated internal and external audits and exams.