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  • 1.

    Regulation
    What are the main sources of law and regulation relevant for private banking?

  • 2.

    Regulatory bodies
    What are the main government, regulatory or self-regulatory bodies relevant for private banking and wealth management?

  • 3.

    Private wealth services
    How are private wealth services commonly provided in your jurisdiction?

  • 4.

    Definition of private banking
    What is the definition of private banking or similar business in your jurisdiction?

  • 5.

    Licensing requirements
    What are the main licensing requirements for a private bank?

  • 6.

    Licensing conditions
    What are the main ongoing conditions of a licence for a private bank?

  • 7.

    Organisational forms
    What are the most common forms of organisation of a private bank?

  • 8.

    Obtaining a licence
    How long does it take to obtain a licence for a private bank?

  • 9.

    Licence withdrawal
    What are the processes and conditions for closure or withdrawal of licences?

  • 10.

    Wealth management licensing
    Is wealth management subject to supervision or licensing?

  • 11.

    Requirements
    What are the main licensing requirements for wealth management?

  • 12.


    What are the main ongoing conditions of a wealth management licence?

  • 13.

    Requirements
    What are the main anti-money laundering and financial crime prevention requirements for private banking and wealth management in your jurisdiction?

  • 14.

    Politically exposed persons
    What is the definition of a politically exposed person (PEP) in local law? Are there increased due diligence requirements for establishing a private banking relationship for a PEP?

  • 15.

    Documentation requirements
    What is the minimum identification documentation required for account opening? Describe the customary level of due diligence and information required to establish a private banking relationship in your jurisdiction.

  • 16.

    Tax offence
    Are tax offences predicate offences for money laundering? What is the definition and scope of the main predicate offences?

  • 17.

    Compliance verification
    What is the minimum compliance verification required from financial intermediaries in connection to tax compliance of their clients?

  • 18.

    Liability
    What is the liability for failing to comply with money laundering or financial crime rules?

  • 19.

    Types of client
    Does your jurisdiction’s legal and regulatory framework distinguish between types of client for private banking purposes?

  • 20.

    Client segmentation
    What are the consequences of client segmentation?

  • 21.

    Consumer protection
    Is there consumer protection or similar legislation in your jurisdiction relevant to private banking and wealth management?

  • 22.

    Exchange controls and restrictions
    Describe any exchange controls or restrictions on the movement of funds.

  • 23.

    Withdrawal restrictions
    Are there restrictions on cash withdrawals imposed by law or regulation? Do banks customarily impose restrictions on account withdrawals?

  • 24.


    Are there any restrictions on other withdrawals from an account in your jurisdiction?

  • 25.

    Framework
    What is the general framework dealing with cross-border private banking services into your jurisdiction?

  • 26.

    Licensing requirements
    Are there any licensing requirements for cross-border private banking services into your jurisdiction?

  • 27.

    Regulation
    What forms of cross-border services are regulated and how?

  • 28.

    Employee travel
    May employees of foreign private banking institutions travel to meet clients and prospective clients in your jurisdiction? Are there any licensing or registration requirements?

  • 29.

    Exchanging documents
    May foreign private banking institutions send documents to clients and prospective clients in your jurisdiction? Are there any licensing or registration requirements?

  • 30.

    Taxpayer requirements
    What are the main requirements on individual taxpayers in your jurisdiction to disclose or establish tax-compliant status of private banking accounts to the authorities in your jurisdiction? Does the requirement differ for domestic and foreign private banking accounts?

  • 31.

    Reporting requirements
    Are there any reporting requirements imposed on the private banks or financial intermediaries in your jurisdiction in respect to their domestic and international clients?

  • 32.

    Client consent on reporting
    Is client consent required to permit reporting by the private bank or financial intermediary? Can such consent be revoked? What is the consequence of consent not being given or being revoked?

  • 33.

    Asset-holding structures
    What is the most common legal structure for holding private assets in your jurisdiction? Describe the benefits, risks and costs of the most common structures.

  • 34.

    Know-your-customer
    What is the customary level of know-your-customer (KYC) and other information required to establish a private banking relationship where assets are held in the name of a legal structure?

  • 35.

    Controlling person
    What is the definition of controlling person in your jurisdiction?

  • 36.

    Obstacles
    Are there any regulatory or tax obstacles to the use of structures to hold private assets?

  • 37.

    Types of contract
    Describe the various types of private banking and wealth management contracts and their main features.

  • 38.

    Liability standard
    What is the liability standard provided for by law? Can it be varied by contract and what is the customary negotiated liability standard in your jurisdiction?

  • 39.

    Mandatory legal provisions
    Are any mandatory provisions imposed by law or regulation in private banking or wealth management contracts? Are there any mandatory requirements for any disclosure, notice, form or content of any of the private banking contract documentation?

  • 40.

    Limitation period
    What is the applicable limitation period for claims under a private banking or wealth management contract? Can the limitation period be varied contractually? How can the limitation period be tolled or waived?

  • 41.

    Obligations
    Describe the private banking confidentiality obligations.

  • 42.

    Scope
    What information and documents are within the scope of confidentiality?

  • 43.

    Exceptions and limitations
    What are the exceptions and limitations to the duty of confidentiality?

  • 44.

    Breach
    What is the liability for breach of confidentiality?

  • 45.

    Competent authorities
    What are the local competent authorities for dispute resolution in the private banking industry?

  • 46.

    Disclosure
    Are private banking disputes subject to disclosure to the local regulator? Can a client lodge a complaint with the local regulator? How are complaints investigated?

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 GASSER PARTNER Attorneys at Law is an international independent law firm with its main office in Vaduz. With 20 lawyers, many of which are admitted to the bar in two jurisdictions, Gasser Partner Attorneys at Law are one of the biggest law firms in Liechtenstein, ready to meet high demands and offer thorough expertise.

View more information about Gasser Partner Attorneys at Law


Vaduz
Wuhrstrasse 6
Postfach 479
9490
Vaduz
Liechtenstein
T: +423 236 30 80
F: +423 236 30 81


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