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Lesson 1: Top 5 things to accomplish during account opening/onboarding

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.