8. What will Nedbank do if I do not provide the information required under the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)?

Nedbank is committed to being fully compliant with FATCA and CRS.

Nedbank may not open new accounts or offer additional products and services to clients who choose not to comply with requests for information and/or documentation to establish their FATCA and CRS status.

For existing clients who do not provide the required FATCA and CRS information and/or documentation, Nedbank will be forced to restrict the account and may be required to report these existing clients to the relevant tax authority, based on the information and documentation we hold in our possession currently.

We therefore ask our clients to respond to any requests to provide us with the required FATCA and CRS information and/or documentation so that we can ensure that you are FATCA and CRS compliant. This is also an opportunity for our clients to update their personal information.

In summary, any client, whether new or existing, who chooses not to comply with Nedbank's requests for information and/or documentation to establish their FATCA and CRS status will have their accounts restricted and be reported as non-compliant to the relevant tax authority.

In addition, withholding tax may be imposed on certain US source payments coming into your account.