(8)It is possible that natural persons who need to be identified for recordkeeping purposes are residents of a country other than the one of their nationality. The country of residence of natural persons can affect several obligations under Regulation (EU) 2023/1114, and is therefore an important data element for ensuring effective supervision by competent authorities. Whenever their country of residence is different from that person’s nationality, this should be indicated by providing the country code of the country of residence of that natural person.