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Lesson 2: Classification of payee/account holder + Documentation Collection & Validation

In the final lesson of Module 2, ComplyPro explores the Classification of payee/account holders. Understanding the payee’s classification, whether they are a U.S. person or a foreign person, and determining the appropriate form (W-9 or W-8) is crucial during the onboarding process. It is also important to distinguish between individuals and entities, and whether the payee is the beneficial owner or an intermediary. Certain payees may be exempt recipients, such as governments and tax-exempt organizations.