Financial Institutions and Non-Financial Businesses Subject to Anti-Money Laundering Requirements

Overview

In Liechtenstein, various financial institutions and non-financial businesses are required to adhere to anti-money laundering (AML) regulations. These entities must implement effective measures to prevent, detect, and report suspicious transactions, ensuring the integrity of their operations.

Covered Entities

The following financial institutions and non-financial businesses are subject to AML requirements:

Financial Institutions

Banks and Investment Firms: Adhere to AML regulations to ensure compliance.
E-Money Businesses: E-money issuers, e-money distributors, and other e-money-related businesses must comply with these requirements.
Undertakings for Collective Investment: Unit trusts, investment companies, and similar entities that market their unit certificates or units fall under this category.
Insurance Undertakings: Insurance companies, insurance brokers, and other insurance-related businesses are subject to AML regulations.

Non-Financial Businesses

The Liechtensteinische Post Aktiengesellschaft: The postal services company is subject to AML requirements insofar as it pursues activities that require reporting to the Financial Market Authority (FMA).
Exchange Offices: This includes exchange service providers, such as TT exchange service providers.
Payment Service Providers: Businesses providing payment services are also subject to these regulations.
Asset Management Companies: Companies managing assets on behalf of clients must adhere to AML requirements.
Providers of Certain Services for Legal Entities: Services related to the formation, management, or control of legal entities fall under this category.
Casinos and Providers of Online Gaming: Businesses operating casinos or online gaming platforms are subject to these regulations.
Lawyers and Law Firms: Lawyers providing tax advice or assisting in financial or real estate transactions must comply with AML requirements.
Members of Tax Consultancy Professions and External Bookkeepers: Professionals offering tax consultancy services or external bookkeeping services are also subject to AML requirements.
Real Estate Agents: Real estate agents and brokers must adhere to these regulations.

Exceptions

Certain individuals or businesses may be exempt from AML requirements:

Persons trading in goods where payment is made in cash or by means of a crypto-asset, but the amount involved is less than CHF 10,000
TT service providers who only provide token services, but do not offer any other financial services

Types of Payments or Money Transmission Activities Subject to Anti-Money Laundering Requirements

Persons subject to AML regulations must conduct timely risk-adequate monitoring of their business relationships, including transactions processed during the business relationship. They must also be alert to changes in customer behaviour or deviations from typical patterns and actively enquire into related information.

By understanding these requirements, financial institutions and non-financial businesses can ensure compliance with anti-money laundering regulations and maintain a secure and trustworthy environment for their customers.