Under the Common Reporting Standard (CRS), tax authorities require financial institutions* (FI) such as Nedbank to collect and report certain information relating to their client’s foreign tax obligation, tax liabilities or tax residencies. If you open a new bank account, invest in new financial products, or change your circumstances in some way, we will ask you to certify a number of details about yourself. This process is called ‘self-certification’ and we are required to collect this information under CRS.
It is important to remember that, although it is your responsibility to prove whether or not you have tax obligations, tax liabilities or tax residencies outside the country of onboarding; Nedbank is legislated to apply background reasonability tests to the self-certification that you have provided.
*For any defined terms please see the Table of terms and definitions.
