12. Are there any penalties for non-compliance?

As with Anti-money laundering (AML) legislation any account holder* that does not submit the correct Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) information and/or documentation, including the Nedbank FATCA and CRS Self-certification form, will result in their accounts being restricted. Furthermore, financial penalties in the form of administrative fines from the relevant tax authority may be imposed.

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