2. What does the Foreign Account Tax Compliance Act (FATCA) mean for me if I am a US person?

If you are deemed a US person*, you may be requested to supply Nedbank with additional information or documentation. You can visit the US Internal Revenue Service* (IRS) website www.irs.gov to obtain additional information.

If you are deemed a US person*, Nedbank will be required to report information about you and your account to the local tax authority or the IRS on an annual basis.

It is important to remember that, although the responsibility to prove your tax status rests with you, the account holder; Nedbank must apply a reasonability test on the Nedbank FATCA and CRS Individual and Controlling Person Self-certification form. This may result in you being reported to the local tax authority or the IRS if the answers to the FATCA questions do not correspond to your “Know your client” (KYC)* information.

*For any defined terms please see the Table of terms and definitions.