SIX Financial Information has released a new Common Reporting Standard service to ease the burden of dealing with the Automatic Exchange of Information (AEOI).
The new service aims to help financial firms with reporting challenges by providing the right data so banks can aggregate it at year end and standardise reporting obligations.
With the AEOI in force in Switzerland since January 2017, the Swiss rules define reportable financial information for client accounts on a more ‘granular’ level than in other countries.
The new rules, designed to curb tax evasion, require all financial institutions in Switzerland to collect client data ready to report to the Swiss national tax authority starting from 2018 onwards.
Responding to this, the new SIX Financial Information service allows firms to identify CRS-reportable client income by flagging relevant corporate actions, easing resource-intensive data cleansing and alleviating the burden of annual reporting.
The new service is already available and offers retrospective data from 1 January 2017.
The AEOI guidance names SIX as the industry standard for currency exchange rates and recognised supplier of the financial information needed under CRS.
Commenting on the launch, Robert Jeanbart, division CEO of SIX Financial Information, said: ‘By making it easier for our clients to implement compliance processes, this new offering is an example of how we are using our expertise in Corporate Actions and regulatory data as the basis for innovative services that solve new industry challenges.
‘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.’