Program Description:
It has always been challenging to open accounts for non-resident aliens and to identify the person we are doing business with. Since the USA PATRIOT Act, Customer Identification Program (CIP) law passed, opening these accounts and covering the required documentation and identification bases makes dealing with these accounts more challenging than ever. This issue is also a Bank Secrecy Act exam “hot spot” with the regulators as non-resident alien accounts are considered to be high risk. This session will address the following questions about procedures and your bank: What does the law say about identifying non-resident 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.
This two-hour course covers:
- Resident aliens versus Non-resident aliens
- Types of identification available - both primary and secondary
- Sorting out social security cards
- W-8 Forms and reporting
- Customer Identification Program requirements
- Office of Foreign Assets and Control requirements
- Tracking and monitoring high risk accounts
Plus frequent question and answer sessions throughout this presentation.
Who Should Attend:
This informative session is for New Accounts Representatives, Personal Bankers, Lenders, Tellers, Branch Managers and Branch Administration.
Presenter:
Deborah Crawford Stone is the President of gettechnical inc. She specializes in compliance and regulations for the deposit side of financial institutions. Her 20+ year career in banking and training began at Hibernia National Bank. She has been a seminar leader for many state associations and credit union groups across the nation. She has Bachelors and Masters degrees from Louisiana State University.
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