Nedbank's regulatory reporting requirements: Common Reporting Standard International tax regulations require the collection and reporting of certain information about each account holder's status.
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):
These details include the following:
The above mentioned indicators as well as the following information will be reported upon:
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