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Foreign individuals maintaining relationships with U.S. banks 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.
HIGHLIGHTS
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?
TAKE-AWAY TOOLKIT
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? Compliance officers, audit staff, risk managers, senior management, deposit operation managers, new account personnel, and customer service representatives.
ABOUT THE PRESENTER – Susan Costonis, Compliance Consulting and Training for FIs, 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.
Showing posts with label CIP. Show all posts
Showing posts with label CIP. Show all posts
(ON DEMAND) Essential Compliance Requirements for Lenders
Order the Recording + Free Digital Download via email!
While 2014 was a banner year for changes in mortgage lending compliance, the new integrated disclosures that became effective October 3, 2015, have transformed the real estate lending process. There were new forms, expanded loan coverage, and timing requirements that collectively represent the most significant change to real estate lending in the last 40 years. This session will cover key lending compliance regulations (highlights of the Equal Credit Opportunity Act, HMDA, Flood, RESPA, Truth in Lending, and Fair Credit Reporting). It will also include a Bank Secrecy Act overview outlining five reasons lenders should have BSA training. Join us for a review, in addition to learning what’s new and what’s to come.
HIGHLIGHTS
BSA training for CIP in the lending area, due diligence for detecting potential money laundering activity, and SAR basics
Fair lending best practices
Reg B requirements for the life of the loan, including tips for taking an application
Overview of HMDA data collection, common problems, and best practices, as well as a preview of new 2018 rules
Overview of flood requirements including the four tripwire events and changes for detached structures on residential property
Integrated disclosure overview for coverage, timing, tolerances, and procedure changes that became effective for applications received on or after October 3, 2015
Concerns about credit report accuracy, permissible purpose, and handling disputed reporting under the Fair Credit Reporting Act
Common errors in consumer real-estate-secured loans and tips to prevent violations
TAKE-AWAY TOOLKIT
Matrix of 28 types of real-estate-secured loans (consumer and commercial) showing the requirements for applications taken on or after the Integrated Disclosure rules that became effective 10/3/15
Matrix of suggested training topics for consumer, mortgage, and commercial lenders and loan operations staff
Cheat sheets to simplify compliance with several lending regulations
Summary of recent regulatory guidance from banking regulators (CFPB, FDIC, OCC, Federal Reserve)
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? Compliance officers, auditors, loan officers, loan assistants, and loan administration staff. It is designed for both new and more experienced lenders who want a review of existing requirements. While there will be an emphasis on real-estate-secured lending, this session will be beneficial to any employee who assists customers with various types of loan requests.
ABOUT THE PRESENTER – Susan Costonis, Compliance Consulting and Training for FIs, 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.
While 2014 was a banner year for changes in mortgage lending compliance, the new integrated disclosures that became effective October 3, 2015, have transformed the real estate lending process. There were new forms, expanded loan coverage, and timing requirements that collectively represent the most significant change to real estate lending in the last 40 years. This session will cover key lending compliance regulations (highlights of the Equal Credit Opportunity Act, HMDA, Flood, RESPA, Truth in Lending, and Fair Credit Reporting). It will also include a Bank Secrecy Act overview outlining five reasons lenders should have BSA training. Join us for a review, in addition to learning what’s new and what’s to come.
HIGHLIGHTS
BSA training for CIP in the lending area, due diligence for detecting potential money laundering activity, and SAR basics
Fair lending best practices
Reg B requirements for the life of the loan, including tips for taking an application
Overview of HMDA data collection, common problems, and best practices, as well as a preview of new 2018 rules
Overview of flood requirements including the four tripwire events and changes for detached structures on residential property
Integrated disclosure overview for coverage, timing, tolerances, and procedure changes that became effective for applications received on or after October 3, 2015
Concerns about credit report accuracy, permissible purpose, and handling disputed reporting under the Fair Credit Reporting Act
Common errors in consumer real-estate-secured loans and tips to prevent violations
TAKE-AWAY TOOLKIT
Matrix of 28 types of real-estate-secured loans (consumer and commercial) showing the requirements for applications taken on or after the Integrated Disclosure rules that became effective 10/3/15
Matrix of suggested training topics for consumer, mortgage, and commercial lenders and loan operations staff
Cheat sheets to simplify compliance with several lending regulations
Summary of recent regulatory guidance from banking regulators (CFPB, FDIC, OCC, Federal Reserve)
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? Compliance officers, auditors, loan officers, loan assistants, and loan administration staff. It is designed for both new and more experienced lenders who want a review of existing requirements. While there will be an emphasis on real-estate-secured lending, this session will be beneficial to any employee who assists customers with various types of loan requests.
ABOUT THE PRESENTER – Susan Costonis, Compliance Consulting and Training for FIs, 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.
(ON DEMAND) Audit Compliance Series: Auditing for BSA Compliance
Email to order the Archived Webinar + Free Digital Download
BSA is comprised of four pillars:
Designated BSA officer
Development of internal policies, procedures, and controls
Annual training of all employees and the board
Independent testing and review
This webinar will provide the necessary tools to address the fourth pillar. Do you understand the scope and procedures necessary to ensure a comprehensive, risk-based audit program? This webinar will ensure your BSA audit is comprehensive and meets regulatory guidelines (whether you are conducting the audit or are the BSA officer monitoring whether a strong audit is performed).
This webinar will include resources to effectively test the adequacy of your BSA program. It will include a review of your BSA risk assessment and risk profile, the adequacy of the identification of higher-risk accountholders and transactions, and transaction testing of monitoring systems.
HIGHLIGHTS
How to get started with an audit game plan – from the examiners’ viewpoint
Making the audit risk-based
How to test down to the transaction level – including different transactional testing checklists
Determining whether your anti-money laundering program is adequate
What and how to report to the board
Handling third-party BSA audits
TAKE-AWAY TOOLKIT
BSA policy checklist
Sample BSA request memo
Transactional testing checklists for CIP, CTRs, cash aggregation, higher-risk accountholders, information sharing 314(a) & 314(b), funds transfers, SARs, privately-owned ATMs
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? BSA officers, compliance officers, senior management, and internal staff who conduct audits
ABOUT THE PRESENTER – Ann Brode-Harner, Brode Consulting Services, Inc., began her career in 1973 and has continued her service as a consultant to regional and community financial institutions through a wide range of areas including strategic planning, lending, deposits, marketing, training, compliance, and management. Ann is a well-respected presenter and has spoken to audiences across the country for over 25 years. She has presented sessions for numerous state associations and has taught at the School of Banking Administration at the University of Wisconsin as well as many other state banking schools. Ann is the author of “The Bank Deposit Documentation Manual for Front-Line Personnel” published by Bankers Publishing Company, and is well represented in numerous industry publications.
BSA is comprised of four pillars:
Designated BSA officer
Development of internal policies, procedures, and controls
Annual training of all employees and the board
Independent testing and review
This webinar will provide the necessary tools to address the fourth pillar. Do you understand the scope and procedures necessary to ensure a comprehensive, risk-based audit program? This webinar will ensure your BSA audit is comprehensive and meets regulatory guidelines (whether you are conducting the audit or are the BSA officer monitoring whether a strong audit is performed).
This webinar will include resources to effectively test the adequacy of your BSA program. It will include a review of your BSA risk assessment and risk profile, the adequacy of the identification of higher-risk accountholders and transactions, and transaction testing of monitoring systems.
HIGHLIGHTS
How to get started with an audit game plan – from the examiners’ viewpoint
Making the audit risk-based
How to test down to the transaction level – including different transactional testing checklists
Determining whether your anti-money laundering program is adequate
What and how to report to the board
Handling third-party BSA audits
TAKE-AWAY TOOLKIT
BSA policy checklist
Sample BSA request memo
Transactional testing checklists for CIP, CTRs, cash aggregation, higher-risk accountholders, information sharing 314(a) & 314(b), funds transfers, SARs, privately-owned ATMs
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? BSA officers, compliance officers, senior management, and internal staff who conduct audits
ABOUT THE PRESENTER – Ann Brode-Harner, Brode Consulting Services, Inc., began her career in 1973 and has continued her service as a consultant to regional and community financial institutions through a wide range of areas including strategic planning, lending, deposits, marketing, training, compliance, and management. Ann is a well-respected presenter and has spoken to audiences across the country for over 25 years. She has presented sessions for numerous state associations and has taught at the School of Banking Administration at the University of Wisconsin as well as many other state banking schools. Ann is the author of “The Bank Deposit Documentation Manual for Front-Line Personnel” published by Bankers Publishing Company, and is well represented in numerous industry publications.
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