Module 2 of Comply Pro focuses on Account Opening and Onboarding. During this process, it is essential to achieve the following tasks:
- Understand the classification of the payee or account holder.
- Collect, review, and securely store the necessary documentation, such as Forms W-8, W-9, and self-certifications.
- Perform checks for name/TIN matches, GIIN validations, and FTIN validations where applicable.
- Determine the character and sourcing of income, especially for non-US payees.
- Determine the appropriate withholding rate based on documentation status, exemptions, and income tax treaties, and ensure accurate reporting.