Looking for additional webinars? Plan ahead and view the 2016 Webinar Schedule.
WEBINAR OR ON-DEMAND WEB LINK
Monday, November 14, 2016
1:00 p.m. - 2:30 p.m. (AZ/CO/WY)
Foreign individuals maintaining relationships with U.S. financial institutions can be divided into two categories: resident aliens and nonresident aliens (NRA). An NRA is a non-U.S. citizen who is not a lawful, permanent resident of the U.S. during the calendar year, and who does not meet the substantial presence test, or has not been issued an alien registration receipt card (also known as a green card).
Although NRAs are not permanent residents, they often have a legitimate need to open deposit accounts at U.S. financial institutions. The amount of NRA deposits in the U.S. banking system has been estimated to range from hundreds of billions of dollars to about $1 trillion.
How can you open and maintain deposit accounts for nonresident aliens and maintain IRS and BSA compliance? This webinar will examine the impact of FATCA, the required forms, and the acceptable forms of identification for deposit accounts. It will also address related Bank Secrecy Act issues, including CIP and due diligence requirements.
*Who is a nonresident alien and what are the IRS and BSA requirements for opening deposit accounts?
*What are the requirements for W-8 and W-8BEN forms? What is the most recent IRS guidance?
*Common questions about the impact of FATCA and acceptable forms of identification
*Due diligence requirements for withholding and the “reason to know” principles
*What are the BSA issues and CIP due diligence requirements?
*New account interview question script
*Checklist for CIP compliance
*Flowchart for appropriate certification of nonresident alien deposit accounts
*Links to important IRS instructions and guidance
*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 directed to compliance officers, audit staff, risk managers, call center managers, senior management, deposit operation managers, new account representatives, and member service representatives.
Please note: The live webinar option allows you to have one telephone connection for the audio portion and one Internet connection (from a single computer terminal) to view online visuals as the presentation is delivered. You may have as many people as you like listen from your office speaker phone.
ABOUT THE PRESENTER – Susan Costonis, Compliance Consulting and Training for FIs
Susan Costonis is a compliance consultant and trainer who began her career in 1978. She specializes in compliance management along with deposit and lending regulatory training. Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real life examples.
THREE REGISTRATION OPTIONS
1. LIVE WEBINAR
The LIVE WEBINAR option allows you to have one telephone connection for the audio portion and one Internet connection (from a single computer terminal) to view online visuals as the presentation is delivered. You may have as many people as you like listen from your office speaker phone. Registrants receive a toll-free number and pass code that will allow entrance to the seminar. The session will be approximately 90 minutes, including question and answer sessions. Seminar materials, including instructions, pin number, and handouts will be emailed to you prior to the broadcast. You will need the most current version of Adobe Reader available free at www.adobe.com.
2. ON-DEMAND WEB LINK
(Beginning January 1, 2016, CDs replaced with digital download*)
Can’t attend the live webinar? The archived webinar is a recording of the live event, including audio, visuals, and handouts. We even provide the presenter’s email address so you may ask follow-up questions. Approximately two days prior to the webinar, you will receive an email with the archived webinar link. This webinar link can be viewed anytime 24/7, beginning 6 business days after the webinar and will expire 6 months after the live program date. The archived webinar may ONLY be ordered for 6 months following the webinar. It will not be available after this time.
3. BOTH LIVE WEBINAR AND ON-DEMAND WEB LINK
** Includes options 1 and 2 above.
*All materials are subject to copyright and intended for your financial institution’s use only.
Monday, November 14, 2016 1:00 PM - 2:30 PMMountain Standard Time
At Your Desk!602-264-6701 ext 2238
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