A better question to ask your customer is “Are you a US Person?”. These and many other errors set up NRA accounts incorrectly so that you report the interest incorrectly to the IRS. It begins with the W-8BEN and ends with the 1042 S interest reporting. If you miss this program, you may continue to make common errors that cause you liability and lack of compliance.
What You’ll Learn
- Who is a US Person
- Use a US TIN
- Why we have to get FTINs
- What if we don’t track W-8BEN expirations
- What if we don’t get FTINs
- Countries that we report interest to on the 1042S
Who Should Attend
Deposit Operations, Deposit Compliance, Branch Administration, New Accounts, Training, Personal Bankers, and anyone who opens accounts for Nonresident Aliens needs this course to avoid unnecessary risk.