Nedbank will report the required information to the IRS* and to the relevant tax authorities to comply with the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) reporting standards for all accounts held by US persons*, or account holders* that have tax obligations, tax liabilities or tax residencies outside the country of onboarding.
This information will be the same information provided by you in the Nedbank FATCA and CRS Individual and Controlling Person Self-certification form:
- Your name.
- Your address.
- Your identification number.
- Your account number.
- Each country of tax residence that you have tax obligations in.
- Every taxpayer identification number* (TIN) that you have provided, or the reason why you do not have a TIN.
- The aggregated year-end balance for all your accounts.
- The gross proceeds on any disposal, income flows, gross withdrawals, or payments from your stockbroking and/or unit trust accounts.
- All payments made to your accounts, where you have failed to become FATCA compliant.
#When your country adopts the automatic exchange of information under CRS.
*For any defined terms please see the Table of terms and definitions.
