Compliance Risks Loom Large for Financial Institutions in Liechtenstein
As financial institutions in Liechtenstein navigate an increasingly complex regulatory landscape, compliance risks are emerging as a major concern. Grant Thornton Switzerland/Liechtenstein, a leading provider of financial market law services, is warning financial service providers to take proactive measures to mitigate these risks.
Compliance Risks: A Growing Concern
The firm’s Regulatory & Compliance Financial Services team has extensive experience in the field and provides comprehensive advisory services to banks, investment firms, insurance companies, collective investment schemes, fund management companies, asset managers, fintech institutions, and other financial intermediaries. The team advises on all areas of financial market supervisory law, including implementation of risk and compliance issues.
Factors Contributing to Compliance Risks
- Increasing complexity of regulations
- Need for ongoing monitoring and reporting
- Importance of maintaining robust internal controls
“Financial institutions in Liechtenstein must be aware of these risks and take proactive steps to mitigate them,” said Fabian Schmid, Partner at Grant Thornton Switzerland/Liechtenstein.
Services Offered by Grant Thornton
Grant Thornton’s Regulatory & Compliance Financial Services team offers a range of services designed to help financial institutions navigate the compliance landscape. These services include:
- Advice on regulatory issues
- Support in the FINMA approval process
- Implementation of risk management controls
Additional Services
- Education and training programs for staff
- Ad-hoc advice and deputization of internal risk and compliance functions
- Regulatory due diligence
- Internal investigations
- Special audits
Conclusion
As financial institutions in Liechtenstein continue to grapple with the challenges of compliance, it is clear that proactive measures are essential to mitigating risks and ensuring ongoing success. By working with experienced professionals like those at Grant Thornton Switzerland/Liechtenstein, financial service providers can ensure they are well-equipped to navigate the complex regulatory landscape.