Compliance Regulations Tighten Grip on Banking Industry in Liechtenstein

The banking industry in Liechtenstein is undergoing significant changes to ensure the highest standards of trust and transparency. At the heart of this transformation is the Institute of Professional Trustees and Fiduciaries, a public-law corporation that oversees the activities of over 370 members, including all trustees and trust companies operating within the country.

Evolution of the Trust Sector

The trust sector is evolving rapidly, making it essential for professionals in the field to receive top-notch training and ongoing education. The Liechtenstein Institute of Professional Trustees and Fiduciaries plays a vital role in providing support to its members as they strive to meet the high standards set by the country’s fiduciary system.

Role of the Liechtenstein Financial Market Authority (FMA)

The Liechtenstein Financial Market Authority (FMA) and the disciplinary bodies of the Institute are working together to ensure that trustees operate within a strict regulatory framework. This includes:

• Exercising close supervision over their activities
• Providing an Arbitration Commission to resolve any disputes that may arise between members

Importance of Compliance Regulations

The country’s legal framework is also playing a crucial role in shaping the banking industry in Liechtenstein. A range of publications and regulations are in place to guide professionals in their dealings and ensure that the sector operates with transparency and integrity.

Conclusion

As the industry continues to evolve, it is clear that compliance will play an increasingly important role in shaping its future. The combination of regulatory efforts, professional training, and a robust legal framework will help maintain the highest standards of trust and transparency in Liechtenstein’s banking industry.