SIX to ease exchange of data information for Swiss banks

National tax authorities around the world must exchange individuals’ tax information in a standardized way, known as the Common Reporting Standard (CRS). As of January 2017, all financial institutions in Switzerland must begin collecting client data ready to report to the Swiss national tax authority starting from June 2018 onwards. 

The automatic exchange of information (AEoI) places a significant organizational burden on financial institutions. On Monday, SIX launched a new CRS/AEoI service, which will help financial institutions manage the huge challenge of reporting clients’ information correctly by providing the right data so banks can easily aggregate it at years’ end and standardize their reporting obligations.

The SIX CRS/AEoI service enables financial institutions to identify CRS-reportable client income by flagging relevant corporate actions, easing resource-intensive data cleansing and alleviating the annual reporting burden for organizations. In Switzerland, AEoI rules define reportable financial information for client accounts on a more granular level than in other countries. The service is commercially available from April 10, with retrospective data available from 1 January 2017.

“We are pleased that SIX is named in the regulation, underlining our role as a partner to the financial industry. This new service allows firms to rely on us as a single source for complete, reliable and audit-ready tax content, so they can focus on keeping their business running", Robert Jeanbart, Division CEO SIX Financial Information underlined.