Non-Resident Alien (NRA) Compliance for Account Management
Thursday, January 23, 2020
12:00 pm – 1:30 pm Eastern
Opening and managing accounts for nonresident aliens (NRAs) can be overwhelming tasks. What kind of identification can I request? What if the individual doesn’t have a social security number? How do we report interest earned at year-end?
In this informative branch compliance training, you will learn how to effectively identify nonresident aliens, conduct enhanced due diligence at account opening, and appropriately monitor these high-risk relationships. You will gain important insight into proper tax reporting of NRA accounts. Sample language, tips and tools you can utilize to update your policies and procedures will be provided. Don’t miss this jam-packed webinar!
- Differentiating between Resident Aliens and Nonresident Aliens
- Becoming familiar with identification documentation you may see at account opening
- Comparing and understanding tax identification number types
- Completing the W-8BEN: When and how
- Conducting appropriate enhanced due diligence
- Monitoring processes to incorporate into your BSA procedures
- Reporting NRA transactions to the IRS
Compliance Consultant, Brode Consulting Services, Inc.
Molly began her banking career on the teller line while working on her undergraduate degree and has continued working in the financial industry ever since. She has experienced the growth of a hometown bank, acquisitions of branches, bank mergers, charter changes, name changes, MoU’s (not a favorite), and working in a de novo bank. Throughout these experiences she has gained a wealth of banking knowledge. She has activated business resumption plans, implemented a VoIP phone system, performed secondary market quality control reviews, processed wires, filed SAR’s, developed bank approved policies and coordinated reviews with external auditors and examiners. Her favorite role has always been to educate banking staff on whatever subject is currently the hot agenda item. She strongly believes that if the staff understands the “why” of a process they will be more compelled to follow the procedures. Her wealth of financial experience enables her to relate to the client and perform in depth reviews.
Molly is married to Brad and they have two daughters, Katie & Riley. The family’s farm is close to Wooster, OH where they grow corn and soybeans. They also breed and raise purebred hogs and boer goats. Sporting activities and livestock shows at the county, state and national levels keep them busy.
Attendance verification for CE credits provided upon request.
Webinar Sponsored by BankersHUB
If you are having issues with registering online, please contact CBAO's Education,Training & Special Events Coordinator, Patti Webb, (614) 610-1877.
$295 for Webinar and Playback*
*Playback has no expiration.