All new entity clients are required, as part of the account opening procedures, to complete a Nedbank FATCA and CRS Nedbank Entity Self-certification form.
Existing entities may be asked to provide a Nedbank FATCA and CRS Entity Self-certification form if a client’s account information has a change in circumstances or contains certain indicia (indicators).
For entity clients the indicia (indicators) usually includes:
- Place of incorporation outside the country of onboarding.
- Place of effective management* outside the country of onboarding.
- Current physical address outside the country of onboarding.
- Current postal address outside the country of onboarding.
- Indication that the controlling persons* maybe tax resident in the US* or in a jurisdiction outside the country of onboarding, in relation to certain entity types for example:
- Passive non-financial [foreign] entities* (passive NFEs).
- Trustee documented trusts.
- Investment entities* that are resident in a non-participating jurisdiction* and are managed by another financial institution in a participating jurisdiction.
Having these indicia (indicators) does not mean that the entity is either FATCA or CRS reportable, only that the client needs closer scrutiny, so Nedbank may request additional information.
*For any defined terms please see the Table of terms and definitions.
