Due Diligence

Due Diligence Fürstentum Liechtenstein

In January 2001 the Professional Due Diligence in Financial Transactions Act (Gesetz über die beruflichen Sorgfaltspflichten bei Finanzgeschäften – “SPG”) and the Professional Due Diligence in Financial Transactions Ordinance (Verordnung über die beruflichen Sorgfaltspflichten bei Finanzgeschäften – “SPV”) came into force in the Principality of Liechtenstein. These were followed by several amendments.

The Due Diligence Act is used to combat money laundering and organised crime.

All financial intermediaries – i.e. in particular fiduciaries, banks and portfolio managers – are subject to the following obligations when entering into a business relationship:

  • to identify the contracting party,
  • to ascertain the beneficial owners of the contributed assets,
  • to draw up a profile of the business relationship, that is to say to clarify and document the economic background and origin of the assets as well as their intended purpose.

The financial intermediary must copy the identification document of the contracting party and of the beneficial owner (passport, ID card, driving licence), and must archive this separately and specifically together with the collected due diligence documentation.

Ongoing transactions during the further course of the business relationships must also be clarified and documented in detail.

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