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Due diligence / discretion

Since March, 2009 the amendment of the Professional Due Diligence for Financial Transactions Act is in force in the Principality of Liechtenstein.

The act is designed to combat money laundering, organised crime and financement of terrorism. The new Professional Due Diligence for Financial Transactions Act has not in any way changed statutorily-anchored bank secrecy or professional secrecy for trustees.

All financial intermediaries - in particular trustees, lawyers and banks - are inter alia obliged when entering into a business relationship:

to identify the contracting party,
to determine the economic beneficiary of the introduced assets,
to draw up a profile of the business relationship, i.e. to clarify and document the economic background and the origin of the assets as well as the use to which they are put, and to monitor the correspondence of the performed transactions with this profile on an ongoing and risk adequate basis.

The members oft he resp. entity, usually appointed by the Financial Intermediary are obliged to make a copy of the ID document of the contracting party or of the economic beneficiary (passport, ID card), and must keep this in a separate secure location together with the aforementioned due diligence documentation.

Should suspicions arise, these must be reported to the specially established authority, the Financial Intelligence Unit (FIU).


	Euromanagement & Trust Company Establishment FL-9490 Vaduz, Meierhofstrasse 2, PO Box 135, Liechtenstein Tel. +423 236 11 00, Fax +423 236 11 01 office@euromanagement.li - www.euromanagement.li