In this video interview, PWC tax expert Christoph Schaerer sees togh times ahead for Swiss banks. He is an adviser to several banks on the US Program subject. The short timeline to decide whether to take part or not is a challenge. The collection and quality of data is another key point.

No one is in the position to say how many banks will take part in Category 2, but this has a high, especially with the burden of proof being on the banks. However, because of the minimis clause set by the Department of Justice (DoJ), a high number of banks are expected to enter this Category 2. One client is enough to be subject to the DoJ’s attention.