Opening Nonresident Alien Accounts
High-risk account opening demands clear procedures and confident decisions. Strengthen your CIP, W-8, OFAC, and BSA procedures for resident, nonresident, and illegal alien accounts while addressing current regulatory expectations and exam hot spots.
KEY WEBINAR TAKEAWAYS
- Resident, nonresident, and illegal aliens — our responsibilities
- 1042S interest reporting and W-8BENs
- Building a referral program to BSA for possible illegal aliens
- Types of identification to request and key questions in the new account interview
- Foreign Taxpayer Identification Numbers
BONUS MATERIALS
- Withholding Handbook
WEBINAR DETAILS
New FinCEN advisory FIN-2026-A002 makes banking illegal aliens and their employers a critical topic for new account opening procedures. During this webinar we will look at resident, nonresident, and illegal aliens and our account opening procedures.
Complying with the documentation requirements mandated in the USA PATRIOT Act’s Customer Identification Program (CIP) increases the challenge of opening accounts for nonresident aliens. This issue is also a Bank Secrecy Act exam “hot spot” with the regulators, as nonresident alien accounts are considered to be high risk. Join us for a discussion of CIP rules, regulatory hot spots, W-8 reporting, and OFAC procedures, and learn how to navigate nonresident alien accounts with confidence.
