Opening Accounts for Non-Resident Aliens
It has always been challenging to open accounts for non-resident aliens and to identify the person we are doing business with. Since the USA PATRIOT Act, Customer Identification Program (CIP) law passed and opening these accounts and covering the required documentation and identification bases makes dealing with these accounts more challenging than ever. This issue is also a Bank Secrecy Act exam "hot spot" with the regulators, as nonresident alien accounts are considered to be high risk.