Dealing with nonresident alien accountholders adds another layer of issues to account opening, maintenance, and reporting. Who is considered a nonresident alien? What questions should be asked at account opening, not only for compliance purposes, but also to ensure we can provide the needed services (e.g., foreign wire and ACH capability)? Who is eligible to complete a W-8BEN? What are the IRS 1042-S reporting requirements? What is the difference between a Social Security number and an ITIN? This webinar will provide the insight you need to handle these issues effectively and still provide great member service.
- Types of identifying numbers that can be utilized for CIP compliance
- Tax reporting issues for nonresident aliens
- Acceptable forms of identification when someone does not have a U.S. state-issued driver’s license or ID card
- Special red flags for money laundering and terrorist financing
- Enhanced customer due diligence (CDD) and PEP status
- OFAC compliance
- TAKE-AWAY TOOLKIT
- Internet resources
- CDD checklist and red flags for nonresident aliens
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
Who Should Attend?
This informative session is designed for membership officers, tellers, teller supervisors, back office staff responsible for IRS reporting, BSA officers, and OFAC officers.
ABOUT THE PRESENTER – Mary-Lou Heighes, CUCE, Compliance Plus, Inc.
Mary-Lou Heighes is President and founder of Compliance Plus, Inc. Involved in the credit union movement since 1989, she spent 5 years working in credit unions in almost every position, including loan officer, marketer, and collector. She also worked at the California Credit Union League for 7 years, providing compliance assistance and advising credit unions of regulatory changes. While at the league and for several years thereafter, Mary-Lou advised on state and federal legislative issues.
Compliance Plus, Inc. was founded in 2000 to provide compliance assistance to credit unions. Since then, Mary-Lou has helped credit unions with developing compliance programs, provided compliance training nationwide, and spoken at numerous credit union conferences throughout the country. She has been an instructor at Regulatory Compliance Schools, conducts dozens of webinars for credit-union-related organizations throughout the country, and has written articles for Credit Union Magazine.
|Over $75 million
|$25 - 75 million
|Under $25 million
Scholarships are available for all KCUA education events. Scholarships pay 100% of registration fee for credit unions under $25M, 50% for credit unions between $25-$75M and 25% for credit unions over $75M.