Important communications.

To our customers.

Automatic Exchange of Information

1. What is the Automatic Exchange of Information?

First of all: what do we mean when we talk about “Automatic Exchange of Information” (AEOI)? On the back of the recent financial and debt crisis, the battle against tax evasion has aroused widespread interest in the international community and by mid-2014 the Organization of Economic Cooperation and Development (OECD) developed a new  Standard for Automatic Exchange of Financial Account Information in Tax Matters, based on the United States Foreign Account Taxpayer Compliance Act (FATCA). Approximately 100 countries – among them Switzerland - have already declared their intention to adopt the standard. To enact the AEOI, bilateral agreements between participating countries will have to be signed.

 

2. How does it work

Following this link you can directly go to the explanations provided by the Swiss Federal Administration.

 

3. Information and documentation

Axion SWISS Bank SA at the end of October 2016 provided a first communication to its customers regarding the AEOI.  Below you can find this communication:

Communication on AEOI

 

4. Countries that committed with the OECD to signing agreements for the automatic exchange of information

List of countries

 

5. Partner States that agreed to the AEOI with Switzerland

The situation is constantly evolving. Visiting the specific page on the Federal Administration website (click here) you can access an up to date list of partner states that agreed  to the AEOI with Switzerland or that have planned to enter into negotiations.

 

 

6. Timeline to implement the AEOI

  • 01.01.2017: Swiss legislation of the AEOI standards is enacted, and new procedures for opening new banking relationships.
  • 01.01.2017 AEOI standards with the EU, Australia, Canada, South Korea, Japan, Guernsey, Isle of Man, Iceland, Jersey and Norway are enacted.
  • 30.06.2018 First reporting by the Swiss Financial Institutions

 

7. Useful information for clients

On the website of the OECD it is possible to find more information about the AEOI standards. Amongst the information available, we would like to point out the following two that are of practical use:

Rules applicable to Individuals and Entities for the determination of tax residency in various jurisdictions

Criteria governing the issuance of a Tax Identification Number (TIN) in various jurisdictions

Financial Market Infrastructure Act (FMIA) - Important communication

 

We would like to inform you that from January 1st  2018, all Swiss bank institutions will be obliged to systematically communicate details of over-the counter (OTC) and exchange-trades (ETD) derivate transactions including, inter alia, customer information.

The Financial Market Infrastructure Act (FMIA, RS 958.1) specifies, in Articles 104-106, the details of the content and modalities of the communication that must be made through a central entity, the "Central Trade Repository”, authorized by Federal Financial Market Authority (FINMA). Axion SWISS Bank SA has therefore decided to enter into an agreement with SIX Trade Repository AG, Zurich.

Languages

The Bank

Services

Contact us

Axion logo