Pictet, Migros Bank Check U.S. Clients, SonntagsZeitung Reports
Pictet & Cie. and Migros Bank AG are making sure that their American clients comply with tax rules by asking them to buy a U.S. security, SonntagsZeitung reported.
Pictet is getting clients to either prove their accounts are declared or buy at least one U.S. security, which would automatically generate an identification code and transmit it to the U.S. where the Internal Revenue Service would have free access to the data, the newspaper reported. Switzerland’s largest closely held private bank issued instructions for American clients at the beginning of the year, Frank Renggli, a spokesman for the bank, told the newspaper.
Migros Bank is asking clients to buy one share in General Electric Co. otherwise their accounts would be closed, the newspaper said, citing a letter to customers.
To contact the reporter on this story: Elena Logutenkova in Zurich at email@example.com
To contact the editor responsible for this story: Frank Connelly at firstname.lastname@example.org
Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.