Time Deposit Accounts for Non-Resident Aliens
by Mary Beth Guard, BOL Guru
Question: We are considering opening time deposit accounts for non-resident aliens. These potential customers
do not have Social Security Numbers. They are just interested in purchasing time deposits with us. For CIP purposes, what documentation is required? Should they be required to obtain a SSN?
Answer: If the customer to be is a non-U.S. person at least one of the following is needed:
U.S. taxpayer identification number (such as an Individual Taxpayer Identification);
a passport number and country of issuance; or
an alien identification card number and country of issuance or any other government-issued document
evidencing nationality or residence and bearing a photograph or similar safeguard.
The original version appeared in the Febuary/March 2004 edition of the Oklahoma Bankers Association Compliance Informer.
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