Legal & Compliance interface

The continually changing regulatory environment, the diversity of regulations and their increasing complexity require constant further development. To this end, LLB has increased its personnel resources and made organisational changes to the Group Legal & Compliance Business Area. Since 1 January 2016, the “Regulatory Tax Matters” area of the Tax department has been integrated into the Group Legal & Compliance Business Area and renamed “Group Tax Compliance”.

LLB thus has a traditional legal department, Group Legal, plus three specialised compliance departments:

• Group Financial Crimes Compliance is responsible for fulfilling legal anti-money laundering requirements.
• Group Regulatory Compliance is focused on compliance with supervisory requirements, inter alia, in the areas of MiFID and cross- border.
• Group Tax Compliance is responsible, inter alia, for implementing a tax compliance strategy as well as AEOI and FATCA.

Compliance, according to the regulations governing the conduct of business of Liechtensteinische Landesbank AG of 1 January 2016, means the observance of legal, regulatory and internal regulations as well as of common market standards and codes of conduct. A compliance risk involves the risk of violations against legal and regulatory regulations as well as against standards and codes of conduct. Group Legal & Compliance supports and advises the Group Executive Board regarding the assessment and monitoring of legal and compliance risks. This organisational unit is involved in all the LLB Group’s regulatory measures and projects. Group Legal & Compliance has been under the Group CFO Division since 2016.