LIECHTENSTEIN

Due Diligence Act

In the context of fighting against money laundering and organized crime, Liechtenstein passed the Due Diligence Act.  All companies and persons who, on a professional basis, accept or safe keep other persons’ assets or help to invest or transfer them are subject to this law. Such persons are required to identify their contracting party by means of documentation with probative value (a passport or an identity card) when entering into a business relationship.

If the contracting party is a legal person, the obligated party should be provided with official documentation from the Public Registry or another corresponding document not more than 6 months old.

The contracting party can also be identified by correspondence. In this case, the person subject to due diligence shall include copies of all documents used for original identification. These copies can be issued by a notary, fiduciary, charted accountant, or lawyer.

If the contracting party is not the same as the beneficial owner, the person subject to due diligence must require a written statement by the contracting party identifying the beneficial owner. A legal entity can only be the beneficial owner if it operates commercially in the domiciliary State.