Switzerland: Foreign authorities seek banking client data with “group requests”

Switzerland: Banking client data, “group requests”

Switzerland is due by 2018 to exchange automatic exchange of information (AEoI) data with all EU Member States, Australia, Canada, Guernsey, Isle of Man, Iceland, Japan, Jersey, Norway and South Korea. While the AEoI mechanism is not yet in force in Switzerland, foreign tax authorities already have the possibility of obtaining data of (former) clients of Swiss banks, insurance companies or, for example, fiduciary firms by submitting a “group request.”

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The Netherlands filed a group request that was rejected. It is not known which country will be next in approaching Switzerland with a group request for administrative assistance.


Read a July 2016 report prepared by the KPMG member firm in Switzerland: Tax transparency despite the rejection of the Dutch group request

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