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Liechtenstein Banks Tighten Compliance Protocols

The Liechtenstein Bankers Association (LBA) has reinforced its commitment to regulatory adherence by outlining a comprehensive set of rules governing the country’s banking sector. At the heart of this framework are the articles of association, which detail the organizational structure and procedures of the LBA.

A Comprehensive Framework for Compliance

To provide further clarity, a range of supplementary documents have been established to support the articles of association. These include the Code of Conduct, regulations, guidelines, and recommendations, all designed to ensure consistency in regulatory compliance across Liechtenstein’s banking industry.

Key Documents

The following key documents form the backbone of the LBA’s compliance procedures:

• Articles of Association: Outlining the organizational structure and procedures of the LBA
• Code of Conduct: Establishing the professional standards expected of banks operating in Liechtenstein
• Guideline on Dealing with Risk-Increasing Factors Relating to Money Laundering: Providing guidance on identifying and mitigating money laundering risks
• Guideline on Due Diligence Obligations of Banks in Dealing with Foreign Correspondent Banks: Outlining the due diligence requirements for banks engaging with foreign correspondent banks
• Guideline on Infrastructure Services Provided by Banks: Establishing standards for infrastructure services offered by banks
• Guideline on Basic Standards for the Assessment of Knowledge and Competence of Client Advisors of Banks: Providing a framework for assessing the knowledge and competence of client advisors in banks
• Guideline on Due Diligence Obligations of Banks with Regards to Their Customers’ Tax Compliance: Outlining the due diligence requirements for banks when dealing with customers’ tax compliance

Additional Guidelines

In addition, the LBA has established:

• Public Affairs Guiding Principles: To enhance transparency and accountability in banking practices
• Data Protection Guidelines: To ensure the secure handling of customer data