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Banking Law in Liechtenstein

Banking Law in Liechtenstein

Updated on Monday 31st July 2017

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Banking-Law-in-Liechtenstein.jpgThe Banking Act in the Principality was adopted in 1992 with the purpose of protecting the business activities of banks (local or foreign) and investment companies with establishments in the country. The same law covers the securities, the credit system, and its creditors in Liechtenstein in complete confidence. The banking system in the Principality is considered one of Europe’s private tax havens, and businessmen who want to benefit from the banking system in this country are advised to solicit legal support from our lawyers in Liechtenstein.
 

Acts that regulate the banking system in Liechtenstein

 
The banking system in the Principality is regulated by the Law on Banks and Finance Companies 1998 and by the Banks and Savings Funds 1960, stipulating that banks accept deposits and assets under banking confidentiality contracts. All banks in the country are part of Liechtenstein Bankers’ Association in compliance with the “know your customer” rules and regulations where anonymity is ensured. Any businessman who wants to set up a branch in the Principality can be legally counseled by our attorneys in Liechtenstein.
 

The activities of the banks in Liechtenstein

 
The banks in the Principality, whether local or foreign branches, provide customers numerous financial services like:
 
•    money deposits for both local or foreign citizens;
•    money transfers and transactions from abroad;
•    national and international payment facilities.
 
All financial institutions in Liechtenstein will consider the honesty, the parity and the impartiality regarding natural persons and entrepreneurs and their money deposits through banks. We remind that if you want to open a bank account in Liechtenstein as a foreign citizen, you should consider the rules and regulations in this matter, a case where our Liechtenstein lawyers can provide you with legal help. 
 

Risk managements for financial institutions in Liechtenstein

 
According to the Banking Law in Liechtenstein, the banks and the investment companies in the Principality need to have a strong management control regarding the legal risks which might involve transaction endorsements and internal orders. A management plan must contain a clear organizational structure based on transparency, responsibility, effective methods to determine in time the potential risks to which financial entities could be exposed. 
 
For additional information about the Banking Law in the Principality or the steps to open a company in the country, please feel free to contact our law firm in Liechtenstein.
 

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