In its meeting on 4 June 2020, the Council of States adopted the adjustments to the exchange of information (AIA).
Among other things, the Global Forum recommended that the exception for foundations and associations that qualify as financial institutions be removed. The Federal Council originally intended to implement the recommendation and subject foundations to the AIA rules, but this was rejected. For example, the applicable due diligence requirements when opening a new account will now be adapted.
The National Council had already adopted the amendments in its session on 2 March 2020.
The Council of States also adopts them in its session of 4 June 2020.
The corresponding chronology is available here.
