23. Is a shareholder of an entity who is a local citizen and resident in the country of onboarding, and who has a US Green Card, but owns less than 10% of the entity that has an account with Nedbank, subject to the Foreign Account Tax Compliance Act (FATCA)?

No, because a controlling person* in terms of local legislation means each natural person who directly owns the required % (e.g., 20% for Namibia, 25% for Eswatini 20% for Zimbabwe and 25% for Lesotho) or more of the company's shares.

If the shareholder was a controlling person of a passive non-financial [foreign] entity* (passive NFE), the entity and the controlling person will be subject to FATCA. Additional information will be required, and the account will be reportable*

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