Financial Crime World

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Data Protection in Liechtenstein’s Finance Industry: What Companies Need to Know

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The General Data Protection Regulation (GDPR) has brought significant changes to data protection laws across Europe, including in Liechtenstein. For companies operating in the finance industry in the principality, understanding these new rules is crucial to avoid non-compliance and potential fines.

Who Does the GDPR Apply To?

The GDPR applies to all types of businesses, from large corporations to small and medium-sized enterprises (SMEs) and even sole proprietorships. Any company that processes personal data - including customer information stored in client indexes - must adhere to the regulation’s provisions.

Understanding the Key Principles

While the GDPR sets out a uniform framework for data protection across Europe, individual states have some flexibility to interpret certain aspects of the law. Liechtenstein is no exception, with its national data protection act currently being revised and expected to come into force by the end of 2018.

The key principles outlined in the GDPR include:

Accountability

  • Ensuring transparency in personal data processing
  • Obtaining approval for data processing when necessary
  • Informing individuals whose data is being processed about its use and purpose
  • Collecting only the minimum amount of data required for a specific purpose
  • Storing data for no longer than necessary
  • Protecting data from unauthorized access and misuse

Resources for Compliance

The Liechtenstein Data Protection Office has made information available on its website to help companies implement these new provisions. With compliance deadlines looming, finance industry players in Liechtenstein must act quickly to ensure they are meeting their obligations under the GDPR.

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