The international orientation of the Liechtenstein financial centre entails a complexity of cross-border private banking regulations. Institutes providing cross-border financial services that are supervised by the Liechtenstein Financial Market Authority (FMA) are obliged to meet the FMA’s requirements and to act in accordance with the regulatory provisions of the country in which the client is domiciled. In 2014, the LLB Group further optimized its measures to limit the risks related to civil law, tax law and banking supervisory law resulting from cross-border business activities.
The LLB Group’s internal rulings ensure that employees comply with the regulations of the respective target country when engaging in cross-border activities. As part of the implementation of the Focus2015 strategy, the LLB Group decided to increasingly focus its international activities on its target markets and to only take on new clients domiciled in certain countries as of 1 August 2014. We are thereby concentrating our efforts on acquiring new clients in our onshore markets Liechtenstein, Switzerland and Austria, the traditional markets in the EEA and the EU as well as in the growth markets Central Europe, Eastern Europe and the Middle East.
We are simplifying our client service in international business by focusing on acquiring new clients in certain strategically and economically important countries. Furthermore, we are optimizing on how we professionally deal with legal and compliance issues: the expenses for meeting the legal and regulatory requirements of a country should be in reasonable proportion to the potential earnings from client relationships and to the legal risks in a particular domicile. This may also result in discretionary judgments and require further clarifications.