Self-certification FAQs

Yes. Nedbank will provide you with the FATCA and CRS Self-certification form(s) and where required, an applicable IRS W-form. The IRS W-forms can also be downloaded from the Nedbank website for completion and submission.

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

Both the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) provide that Nedbank must obtain a valid Nedbank FATCA and CRS Self-certification form at account opening, or where there is a change in circumstances, that allows Nedbank to determine whether you are a US Person* or have tax obligations*, tax liabilities* or tax residencies* outside South Africa.

For the Nedbank FATCA and CRS Self-certification form to be valid it must be signed (or otherwise positively affirmed, i.e., involving some level of active input or confirmation) by the account holder*.

It MUST be dated, and must include the following information relating to the account holder:

·         Name of the account holder.

·         Identification number of the account holder.

·         Physical address of the account holder.

·         Postal address of the account holder.

·         Date of birth of the account holder.

·         Country of birth of the account holder.

·         Place of birth of the account holder, if outside South Africa.

·         Answers to Nedbank’s two FATCA and CRS questions:

o  Do you hold US citizenship, or are you a US person* or a US national, and/or

o  Do you have tax obligations*, tax liabilities* or tax residencies* outside South Africa?

·         Country(ies) of tax residence.

·         Tax Identification Number (TIN)* for each country(ies) of tax residence OR reasons for not providing TIN(s) [predetermined reasons].

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

For account holders who are individuals:

·         The Nedbank FATCA and CRS Individual and Controlling Person Self-certification form must be signed by you, as the account holder* when opening your account at Nedbank.

·         The Nedbank FATCA and CRS Individual and Controlling Person Self-certification form can also be signed by an agent with legal authority to act on your behalf.

o  If the self-certification form is completed by an agent acting under a duly authorised power of attorney for you, the actual owner or account holder, the form must be accompanied by the power of attorney in a proper form or a copy thereof specifically authorising the agent to represent you, the account holder, in making, executing, and presenting the form.

·         The self-certification form cannot be signed by a client's financial advisor unless the financial advisor has the necessary power of attorney.

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

To self-certify is to confirm in writing through the completion, dating and signing of a Nedbank FATCA and CRS Entity Self-certification form, whether or not the entity, as the account holder*:

·         Is incorporated or has a place of effective management* outside South Africa;

·         Is a US person* or has tax obligations*, tax liabilities* or tax residencies* outside South Africa; or

·         Has controlling persons* that are either US citizens, or US persons* or US nationals and/or that have tax obligations*, tax liabilities* or tax residencies* outside South Africa; or

·         Is a [foreign] financial institution*.

It is important to note that a Nedbank FATCA and CRS Individual and Controlling Person Self-certification form will also be needed for each individual defined as a controlling person* of the entity that is a US person* and/or has tax obligations*, tax liabilities* or tax residencies* outside South Africa; AND where the entity is one of the following FATCA and CRS entity classification types:

·         Passive non-financial [foreign] entity* (Passive NFE); or

·         Trustee-Documented-Trust; or

·         Investment entity* that is resident in a non-participating jurisdiction and is managed by* another financial institution in a participating jurisdiction*.

The entity may also be required to complete an US Internal Revenue Service (IRS) W-form* in certain circumstances.

Both the Foreign Account Tax Compliance Act* (FATCA) and the Common Reporting Standard* (CRS) provide that Nedbank must obtain a valid Nedbank FATCA and CRS Self-certification form at account opening, or where there is a change in circumstances, that allows Nedbank to determine whether the entity is incorporated or organised, or has a place of effective management* outside South Africa, and/or has tax obligations*, tax liabilities* or tax residencies* South Africa.

For the Nedbank FATCA and CRS Entity* Self-certification to be valid it must be signed (or otherwise positively affirmed, i.e., involving some level of active input or confirmation) by a person authorised to sign on behalf of the entity.

It MUST be dated, and must include the following information relating to the account holder*:

·       Name of entity.

·       Registration number of entity*, where applicable. (It is noted that not all entities have registration numbers.)

·       Place of effective management*. (When asked to provide the ‘place of effective management’ it is important to indicate the country, and not a city / town or suburb.)

·       Physical address of entity. (According to the CRS commentaries they refer to the address where the entity is incorporated or organised.)

·       Postal address of the entity.

·       Nedbank’s four entity questions:

o   Is the entity incorporated or organised or has a place of effective management* outside of South Africa?

o   Does the entity have tax obligations*, tax liabilities* or tax residencies* outside of South Africa?

o   Do any of the controlling persons* of the entity:

§  hold US citizenship, or are they a US person* or a US national? and/or

§  have tax obligations*, tax liabilities* or tax residencies* outside of South Africa?

o   Is the entity a financial institution*?

·       Country(ies) of tax residence.

·       Tax Identification Numbers (TIN(s)* for each country(ies) of tax residence OR reasons for not providing TIN(s) [predetermined reasons].

·       Entity classification type. (Includes stock exchange name, Public Benefit Organisations* and GIIN number OR reasons for not providing GIIN*, depending on the type of the entity classification.)

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

For account holders* who are entities:

·         The Nedbank FATCA and CRS Entity Self-certification form must be signed and dated by an authorised representative or officer of the account holder when opening the account at Nedbank.

·         An authorised representative must have the legal capacity to sign for the entity* that is the actual owner of the income.

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

No. Completed and signed self-certification forms that are scanned and attached to an email sent to Nedbank will be accepted.

Even if you have already provided information under the Foreign Account Tax Compliance Act* (FATCA), you may still need to provide additional information that is required under the Common Reporting Standard* (CRS) as each of these are different pieces of legislation with different requirements.

This is why Nedbank requires the Nedbank FATCA and CRS self-certification form.

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

Clients should provide the Nedbank FATCA and CRS Self-certification form(s), and any applicable IRS W-form*, to the banker in the branch or your relationship manager, or the forms can be emailed to the contact centre.

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