A non-compliant account holder* refers to any account holder who:
- Fails to comply with Nedbank’s request for a Nedbank FATCA and CRS Self-certification form to determine if the account holder is a US person*.
- Fails to provide Nedbank with any additional information and documentation that may be required based on the Nedbank FATCA and CRS Self-certification form such as the Tax Identification Number* (TIN), the Global Intermediatory Identification Number (GIIN), and any other IRS form as may be required.
- Fails to comply with Nedbank’s request for a Nedbank FATCA and CRS Individual and Controlling Person Self-certification form for each US controlling person* or owner of a US-owned entity, or a passive non-financial [foreign] entity* (passive NFFE).
- Fails to provide a waiver of any foreign law that would prevent a foreign financial institution (FFI) from reporting the information required under FATCA.
Non-compliant account holders* will be reported as part of the FATCA reporting to the US Internal Revenue Service* (IRS).
*For any defined terms please see the Table of terms and definitions.
