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Banking Law in Liechtenstein

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Liechtenstein has a well-established legal framework governing banking activities. This article provides an overview of the key principles and regulations that apply to banks, customers, and third parties.

General Principles

• The Liechtenstein Civil Code (ABGB) applies to relationships between banks, customers, and third parties.
• Contracts, including those for mandate, are governed by the ABGB.

Mandate Contract

An agent is obligated to:

• Procure transactions diligently and honestly in accordance with their promise and power of attorney.
• Use all means necessary to achieve the transaction unless they exceed the limitations of the power of attorney.
• Disclose fees or commissions received from third parties to the principal and obtain their consent.

General Terms and Conditions

Banks must have General Terms and Conditions that meet certain criteria to be valid and applicable. Unusual provisions in these terms do not become part of the contract if they are detrimental to the customer, and provisions that cause a substantial imbalance of contractual rights and obligations are void.

Consumer Protection Act (KSchG)

The KSchG contains more favorable provisions for customers and supersedes applicable provisions of the ABGB.

Cross-Border Banking Activities

Banks must have a license from the FMA to take up business in Liechtenstein. Banks from EEA countries can provide services in Liechtenstein through passporting, while banks from third countries may only do so through a branch or on a “reverse solicitation” basis.

Conciliation Board

The extrajudicial conciliation board settles disputes between customers and banks about services provided by the bank. The board acts as a mediator to resolve complaints submitted by customers but does not have authority to make judicial rulings.