If you’re involved in collective investment schemes, you must carefully assess whether you have to fulfil any AEoI obligations. If an entity qualifies as reporting financial institution, it’s important to carry out reporting but also due diligence procedures to identify all reportable persons.
The Economic Commission of the Swiss National Council started discussing the FinSA at the end of January 2017. So far, the Commission has treated the first 10 articles of the act. However the controversial question whether insurance companies should remain in the scope of the FinSA or not has been delayed for the time being.
The Automatic Exchange of Information (AEoI) has been in force in Switzerland since 1 January 2017. This means that Switzerland will start exchanging 2017 data with the EU member states, Australia, Guernsey, Isle of Man, Iceland, Japan, Jersey, Canada, Norway and South Korea for the first time in September 2018. But what does this really mean?