Individual Authorization

According to the Swiss Bankers Association, each Swiss Financial Institution that is currently acting as QI and/or QSL now requires an individual authorization under the Art. 271(1) of the Swiss Criminal Code from the Federal Department of Finance (EFD). This decision has been made by the EFD based on the modifications made to the new QI agreement.

The Swiss Bankers Association, in cooperation with the EFD, has drafted a sample application (German), which should be submitted to the EFD before March 10, 2015 in order to be able to comply with the upcoming 1042 and 1042-S reporting deadlines (March 16, 2015).

The authorization will be granted for five years and automatically renewed thereafter for another five years.