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Compliance Risks Loom Large in International Transactions: A Closer Look at Liechtenstein

As businesses operate globally, they face numerous challenges related to international transactions. In this article, we take a closer look at the compliance risks associated with these transactions, particularly in the small European principality of Liechtenstein.

Mitigating Risks through a Multi-Faceted Approach

The LLB Group’s compliance organisation has taken a multi-faceted approach to mitigating risks associated with international transactions. This includes addressing legal risks and focusing on three key areas that pose significant challenges for businesses operating globally:

  • The LLB Group has implemented a robust, IT-supported process for monitoring transactions and establishing new business relationships.
  • This systematic approach takes into account the inherent risks associated with each transaction, ensuring that all dealings are transparent and compliant with regulations.

Strategic Focus on Cross-Border Activities

  • The group’s cross-border activities are restricted to selected regions deemed strategically and economically significant, including:
    • Germany
    • Western Europe
    • Central and Eastern Europe
    • The Middle East
  • This strategic focus allows LLB Group to maintain a high level of control over its international operations while minimizing exposure to unnecessary risks.

Internal Training Program for Compliance

  • Regular briefings on regulatory changes are provided to employees.
  • Staff members are sensitized to potential indicators of money laundering and trained to understand and comply with the specific regulations of each target country when engaging in cross-border activities.

A Proactive Stance against Money Laundering and Terrorist Financing

By taking a proactive stance against money laundering and terrorist financing, LLB Group is not only protecting its own interests but also contributing to the integrity of global financial systems. As international transactions continue to play an increasingly important role in global commerce, the need for robust compliance measures will only grow.