A CRS Compliance Program for Fiduciaries (Swiss Edition)

USD $2,400.00

With the Federal Tax Authority launching its CRS-specific audits for Swiss Financial Institutions (FIs), many Swiss trustees, Single Family Offices and other fiduciaries will need to  enhance and further document their compliance programs. Pursuant to the requirements in the Swiss CRS legislation and other sources of applicable guidance (all reviewed in the original German), this document sets out a CRS Compliance Program for fiduciaries connected to Swiss private wealth management structures. It is, however, readily adaptable to other jurisdictions and types of FIs. Failure to comply with a Swiss FI’s CRS obligations is an offence punishable by a fine of up to CHF 250,000.

Description

Per Article 28 of Switzerland’s CRS Law, Swiss FIs (including trustees on behalf of Swiss-resident trusts) must be able to demonstrate compliance with the Swiss CRS Law and all operative CRS exchange agreements to the satisfaction of the Swiss authorities.

As further elaborated in Section 9 of the Swiss CRS Guidance Notes, each Swiss FI must establish and maintain “its systems, databases and documentation” so that it can reliably and efficiently disclose all information relevant to its CRS compliance program upon request.

Per Article 32 of Switzerland’s CRS Law, failure to comply with these obligations is an offence punishable by a fine of up to CHF 250,000.

Pursuant to the requirements in the Swiss CRS legislation and other sources of applicable guidance (all reviewed in the original German), this document sets out a CRS Compliance Program for fiduciaries connected to Swiss private wealth management structures.

It is, however, readily adaptable to other jurisdictions and types of FIs.