Anti-Money Laundering (AML) Requirements in Liechtenstein

Liechtenstein has implemented various anti-money laundering (AML) regulations to prevent and detect money laundering activities. The following are the types of payments or money transmission activities subject to AML requirements:

Cash Transactions

• Persons trading in goods must report cash transactions exceeding CHF 10,000.
  • This includes transactions involving the sale of goods, such as real estate or luxury items.

Crypto-Asset Transactions

• TT service providers, including:
  • Token issuers
  • Depositaries
  • Exchange service providers
  • Token loan companies
  • Trading platform operators
  • Administrators for crypto-assets
  • Transfer service providers

are subject to AML requirements.

Money Transfers

• Payment service providers and exchange offices must comply with AML regulations.
  • This includes transactions involving wire transfers, online payments, and other forms of money transfer services.

Exceptions to AML Requirements

There are certain exceptions to AML requirements in Liechtenstein:

Transactions Below the Threshold

• Transactions below CHF 10,000 or other specified thresholds may not be subject to AML requirements.
  • However, businesses must still maintain accurate records of customer information and transaction history.

Exempt Persons

• Certain individuals or entities, such as banks and investment firms, are exempt from some AML requirements due to their regulatory status.
  • This exemption is typically granted because these institutions have already implemented robust AML controls and procedures.

AML Regulations in Liechtenstein

Businesses subject to AML regulations must perform the following customer due diligence:

Customer Identification

• Verifying the identity of customers and beneficial owners.
  • This includes collecting identification documents, such as passports or driver’s licenses.

Risk Assessment

• Conducting regular risk assessments to identify potential money laundering risks.
  • This involves evaluating the business’s operations, customer base, and transaction patterns.

Transaction Monitoring

• Monitoring transactions for suspicious activity.
  • This includes tracking unusual transaction patterns, large cash deposits, or other red flags.

Record Keeping Requirements

Businesses must maintain accurate records of:

• Customer information
• Transaction history
• Risk assessments
• Suspicious activity reports (SARs)

Failure to comply with AML regulations in Liechtenstein can result in severe penalties, including fines and even criminal prosecution.