The case
Recently, the updated Swiss guidelines on AEoI (German, French and Italian) were published, 176 pages / German version. The present version replaces the version dated 23 January 2019 and comes into force upon publication, 1.1 Objective. For more link.
The guidelines describe and set out the obligations arising for Swiss FIs and FTA from the Swiss legal basis for the implementation of the AEoI Standard developed by OECD.
Source: estv.admin
The commentary
Over the next few days I will comment on some of the most important changes. Of course, the main focus is on the changes affecting the investment companies. Basis is the German version. Only the changed text blocks are commented on.
In doing so, I will focus on the following area:
i. Scope of Application
ii. Investment companies
iii. Equity interest
iv. Controlling persons
v. NFE
vi. Financial assets
vii. Account holder
viii. Due diligence requirements
Note: This is NOT an authorised translation!
As mentioned in the flash of 12.01.2021, there were over 900 “hits” (according to the word revision calculator) and all chapters are affected, but mainly (about 50%) the chapter “Due diligence requirements”. In the following days, I will focus on what I consider to be the most important adjustments in the chapter “Due diligence requirements”.
Commentary on viii) 6 “Due diligence requirements”.
6.3.2 Conditions for opening new accounts of natural persons (Reformulation based on GF Recommendation, revision of AIAG) – page 133f.
The procedures in the GMS for identifying reportable accounts among the new accounts of natural persons provide in principle that a reporting FI has to obtain a self-certification as part of the account opening process before a new account can be opened. In principle, a reporting Swiss FI can therefore not open a new account without a self-certification.
It is obvious that a Swiss FI is not allowed to open a new account if the self-certification is missing essential information such as name, address and/or tax residence. It is therefore necessary to check before opening an account whether this information is already available or is indicated on the self-certification form. For example, an empty self-certification may not be accepted and a new account can’t be opened on the basis of this information. The FI has to check the plausibility of the information on the self-certification (cf. 6.3.6).
However, the comments on the GMS also state that there are cases in which the reporting FI in the opening of an account cannot and need not to have a self-certification (cf. 6.3.6; 6.3.7). In these cases, the self-certification is to be obtained subsequently as soon as possible, but within 90 days at the latest, and plausibility checks are to be carried out in accordance with the requirements mentioned in 6.3.6.
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