Besides handling legal risks, the LLB Group’s compliance organisation also deals with three other areas:
- the fulfilling of legal obligations in connection with combating money laundering and terrorist financing;
- the implementing of the tax compliance strategy, AEOI, FATCA and QI as well as the withholding tax agreement with Austria;
- the complying with regulatory requirements, among other things, in the areas of MiFID and cross-border as well as the monitoring of employee transactions.
Combating money laundering and terrorist financing
Risks in relation to money laundering and terrorist financing are addressed as part of a strict, IT-supported process when establishing new or monitoring existing business relationships. The monitoring of transactions is performed on a systematic and risk-oriented basis.
Besides the activities in our onshore markets of Liechtenstein, Switzerland and Austria, we restrict our cross-border business to selected markets that are strategically and economically significant to LLB. These include Germany and the rest of Western Europe, the growth markets of Central and Eastern Europe as well as the Middle East.
The LLB Group’s internal rulings and training ensure that employees are regularly instructed on regulatory changes, sensitised to indications of possible money laundering, and know and comply with the regulations of the respective target country when engaging in cross-border activities.