Financial Crime World

Anti-Money Laundering (AML) Requirements in Liechtenstein

Covered Entities

In Liechtenstein, various financial institutions and non-financial businesses and professions are subject to anti-money laundering (AML) requirements. These entities include:

Financial Institutions

  • Banks and investment firms: Engage in financial transactions and manage customer accounts.
  • E-money businesses: Provide electronic payment services and manage digital wallets.
  • Undertakings for collective investment that market their unit certificates or units: Offer investment products to the public.
  • Insurance undertakings: Provide insurance policies to customers.

Non-Financial Businesses and Professions

  • Lawyers and law firms providing tax advice or assisting in financial transactions: Engage in professional services related to taxation and finance.
  • Members of tax consultancy professions and external bookkeepers: Offer accounting and tax consulting services.
  • Real estate agents: Assist customers with buying, selling, and renting properties.
  • Persons trading in goods, making payments in cash or crypto-assets over CHF 10,000: Engage in business transactions involving physical goods or digital assets.
  • Token service providers (including token issuers, depositaries, exchange service providers, token loan companies, trading platform operators, administrators for crypto-assets, and transfer service providers): Handle token-related services.
  • Operators of trading platforms for non-fungible tokens: Provide marketplaces for unique digital assets.
  • Persons trading or acting as intermediaries in the trade of artworks valued over CHF 10,000: Engage in buying, selling, or facilitating transactions involving art.
  • Persons holding third-party assets in safe custody on a professional basis: Manage and safeguard assets on behalf of customers.

AML Requirements

These entities must comply with the following AML requirements:

Customer Identity Verification

  • Identification and verification of customer identity: Establish the identity of customers through documentation or other means.
  • Beneficial owner identification and verification: Identify and verify the beneficial owners of businesses, if applicable.

Business Profile Establishment

  • Establish a business profile: Create a record of customer information to monitor relationships and detect suspicious activity.

Risk-Based Supervision

  • Supervise business relationships at a level commensurate with the risk: Monitor customer relationships based on assessed risk levels.
  • Risk-adequate monitoring of transactions: Track customer transactions in real-time, ensuring consistency with their profile information.
  • Identify and respond to changes or deviations: Alert staff to changes in customer behavior, and investigate discrepancies that may indicate suspicious activity.