6. What information are you asking entities to provide and verify on the Nedbank FATCA and CRS Entity Self-certification form?

Both Foreign Account Tax Compliance Act (FATCA) and 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 the country of onboarding, and/or has tax obligations, tax liabilities or tax residencies outside the country of onboarding.

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 account holder.
• Nedbank’s four entity questions:
  • Is the entity incorporated or organised or has a place of effective management* outside the country of onboarding?
  • Does the entity have tax obligations, tax liabilities or tax residencies outside the country of onboarding?
  • 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 the country of onboarding?
  •  Is the entity a financial institution*? 
• 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, 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.