Common Reporting Standard Client Communication

Nedbank (Namibia) Limited aligns with Nedbank Group Policies regarding the United States' Foreign Account Tax Compliance Act (FATCA), and the Common Reporting Standard (CRS). Both FATCA and CRS affect individuals, entities and financial institutions globally. 

CRS is the global standard for the automatic exchange of financial account information and extends to all accounts held by foreigners or non-residents and not only those of US citizens, which is what FATCA deals with.

These regulations aim to combat tax evasion and require financial institution (such as Nedbank) to collect and report certain information required under FATCA and CRS on financial accounts. The Namibia Revenue Authority and the Central Bank of Namibia are developing a framework for in country reporting mechanism. 

Financial institutions must collect information and report in terms of FATCA requirements on clients (both individuals and entities):

• That are US citizens or tax residents;
• That have tax obligations outside Namibia; or 
• That have US or other foreign details recorded on our systems.

These details include the following:

• Citizenship
• Physical/Residential address
• Place of birthPostal address
• Controlling persons and relationship to the company
• Power of attorney
• Phone numbers
• Care-of address

The above mentioned indicators as well as the following information will be reported upon:

• Financial accounts, for example bank accounts or stock broking accounts;
• Balances and payments into or out of the accounts;
• Type of income received;
• Nature or classification of the company; and
• Tax residencies and tax identification numbers.