What do I need to do? FAQs

Clients can access the Glossary of terms and the US Internal Revenue Service (IRS) W-forms* from the relevant Nedbank websites:

·       Nedbank Retail: https://personal.nedbank.co.za/home.html

·       Nedbank Private Wealth: www.nedbankprivatewealth.co.za

·       Nedbank Corporate and Investment Banking: www.nedbank.co.za/content/nedbank/desktop/gt/en/corporates/About-CIB.html

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

Clients can obtain the Nedbank FATCA and CRS Individual and Controlling Person Self-certification form, as well as the Nedbank FATCA and CRS Entity Self-certification form, from the relevant relationship manager/banker, or at the nearest Nedbank branch.

Yes, Nedbank will respect your data privacy. We will only disclose your information to the South African Revenue Service* (SARS) where we are legally required to do so.

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

Client information is protected by a strict code of secrecy and security which all members of the Nedbank Group, their staff and third parties are subject to. This includes the use, retention, disposal, safeguarding and disclosure of personal information to third parties.

Furthermore, all data transmitted to the South African Revenue Service (SARS) is encrypted.

We will try to assist you, although Nedbank employees are not tax advisors and will not be able to provide tax advice. For this you may wish to consult an independent tax advisor.

The way in which banks and financial institutions* collect information from their clients in order to confirm whether or not they have tax obligations*, tax liabilities* or tax residencies* outside of South Africa under the Foreign Account Tax Compliance Act* (FATCA) and the Common Reporting Standard* (CRS) may vary. This means that, in some instances, Nedbank may ask you for different documentation when compared to another bank.

All financial institutions* – that includes banks, insurers, and asset management businesses – in participating countries/jurisdictions* are required to be compliant with both FATCA and CRS legislations.

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

Nedbank is committed to being fully compliant with FATCA* and CRS*.

Nedbank may not open new accounts or offer additional products and services to clients who choose not to comply with requests for information and/or documentation to establish their FATCA and CRS status.

For existing clients who do not provide the required FATCA and CRS information and/or documentation, Nedbank will be forced to restrict the account and will be required to report these existing clients to the South African Revenue Service* (SARS), based on the information and documentation we hold in our possession currently.

We therefore ask our clients to respond to any requests to provide us with the required FATCA and CRS information and/or documentation so that we can ensure that you are FATCA and CRS compliant. This is also an opportunity for our clients to update their personal information.

In summary, any client, whether new or existing, who chooses not to comply with Nedbank's requests for information and/or documentation to establish their FATCA and CRS status will have their accounts restricted and be reported as non-compliant to the South African Revenue Service* (SARS).

In addition, withholding tax may be imposed on certain US source payments coming into your account.

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

You have 90 days within which to provide Nedbank with the Nedbank FATCA and CRS Self-certification form, whereafter your account will be restricted. As soon as your self-certification form has been received, then Nedbank will remove the restriction(s) on your account(s).

Furthermore, due to the fact that Nedbank does not have sufficient information to determine whether you are a US person* or have tax obligations*, tax liabilities* or tax residencies* outside of South Africa, Nedbank will have to report you to the South African Revenue Service* (SARS).

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

If you have closed your account during the current year, Nedbank will be required to confirm whether your account is reportable for FATCA* and CRS* purposes.

If a reportable account* is closed during a reporting period, its details need to be included in Nedbank’s FATCA and CRS submission to South African Revenue Service* (SARS) for that period. It is important that you respond to all requests for FATCA and CRS information even if you believe you have already supplied it, or the account has been closed within the year.

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

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 South African Revenue Service* (SARS) may be imposed.

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

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 South African Revenue Service* (SARS) may be imposed.

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

Nedbank is required by law to obtain the required information and/or documentation from our clients. We will try to assist you, although Nedbank employees are not tax advisors and will not be able to provide tax advice. For this you may wish to consult an independent tax advisor.

·     For more information about FATCA visit the website www.irs.gov.

·     For more information about CRS visit the OECD* Automatic Exchange of Information portal at www.oecd.org.

If you do not want to click on a link, please type the address in your browser.

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