No. The impact of FATCA is wider than just US entity* (US person*). FATCA also affects financial institutions* globally as well as certain non-US businesses with US controlling persons*.
If your entity is a financial institution with a bank account at Nedbank, you will need to identify the entity’s financial institution classification type and provide a Global Intermediate Identification number* (GIIN), or a reason why you cannot provide a GIIN.
If the entity has US controlling persons and the entity classification type is one of the following:
- Passive non-financial entities* (passive NFEs).
- Trustee documented trusts*.
- Investment entities* that are resident in a non-participating jurisdiction and are managed by another financial institution in a participating jurisdiction. then the entity will be FATCA impacted.
*For any defined terms please see the Table of terms and definitions.
