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Switzerland: First AEOI audits planned by Swiss tax administration

Switzerland: First AEOI audits planned

The Swiss federal tax administration is planning to conduct automatic exchange of information (AEOI) audits involving Swiss financial institutions.

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The Swiss tax administration recently commenced its first pilot audit of a bank in the German-speaking part of Switzerland. Audits of other Swiss banks and other financial institutions are likely to follow during 2019 and subsequent years. The upcoming audits, thus, would serve to remind Swiss financial institutions to review their AEOI compliance programs and “fine-tune” their processes and systems.

Areas of AEOI implementation that Swiss financial institutions continue to face challenges include:

  • The need to have written policies and procedures in place for AEOI purposes to document the bank’s approach to AEOI
  • The requirement that proper controls are in place to manage AEOI risks, and that such controls are properly documented and monitored
  • The requirement to perform a reasonableness check of self-certifications received from clients, and implement appropriate control mechanisms
  • The correct treatment of those accounts for which no self-certification can be obtained
  • The need for ongoing monitoring, including new reportable jurisdictions, related client communications, changes in circumstances, and other aspects of AEOI compliance
     

Read an April 2019 report prepared by the KPMG member firm in Switzerland

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

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