22. Is a local entity with only a Nedbank account, and that is 100% owned by local citizens, all of whom are non-US persons and do not have foreign tax obligations, subject to either the Foreign Account Tax Compliance Act (FATCA) or the Common Reporting Standard (CRS)?

Yes, every account holder* must self-certify by confirming in writing, through the completion, dating and signing of a Nedbank FATCA and CRS Entity Self-certification form, that the entity, as the account holder, is not a US* entity* (US Person*) and/or does not have tax obligations, tax liabilities or tax residencies outside the country of onboarding.

*For any defined terms please see the Table of terms and definitions.