Key elements of AEOI
The automatic exchange of information (AEOI) is a standard process developed by the OECD in order to prevent tax evasion. Participating countries share data with one another about taxpayers’ bank accounts and securities custody accounts. Switzerland has undertaken to take part. Consequently, PostFinance is obliged to report details of the accounts of customers whose residence for tax purposes is located abroad to the Federal Tax Administration (FTA) each year, provided that Switzerland has signed an AEOI agreement with the relevant partner state.