The international orientation of the Liechtenstein financial centre entails a complexity of cross-border 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 August 2015, the FMA formulated a uniform approach to dealing with cross-border risks, with the aim of reducing legal and reputational risks.
In 2016, the LLB Group further refined its cross-border framework, which had been completely revised in 2015, to mitigate the legal risks arising from cross-border activity. During the reporting year, Group Legal & Compliance conducted numerous training courses for client advisers in the particular markets relevant to them. The LLB Group’s internal rulings ensure that employees comply with the regulations of the respective target country when engaging in cross-border activities.
Since 2015, the LLB Group has directed the focus of its international activities more towards strategically and economically important countries. It is concentrating its efforts in the home markets of Liechtenstein, Switzerland and Austria, in Germany and selected markets in Western Europe, as well as in the growth markets of Central Europe, Eastern Europe and the Middle East. We are simplifying our client service in international business by focusing on certain strategically and economically important countries.