Compliance
Compliance Corner: Liechtensteinische Landesbank
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Liechtensteinische Landesbank
LLB Verwaltung (Switzerland) Ltd has reached a settlement with
the US authorities regarding the US business of the former
Liechtensteinische Landesbank (Switzerland) Ltd. The agreement
includes a payment of $10.7 million, which is covered by
provisions.
LLB Verwaltung (Switzerland) Ltd is the successor company to
Liechtensteinische Landesbank (Switzerland) Ltd, which ceased its
banking operations at the end of 2013.
“The company has reached a conclusive, out-of-court settlement
with the US Department of Justice and signed a non-prosecution
agreement. The payment of $10.7 million is fully covered by
provisions and will have no effect on the ongoing results of the
LLB Group,” Liechtensteinische
Landesbank said in a statement today.
LLB issues its interim financial statement on August 27. At the
end of June this year it oversaw a business volume of SFr85.6
billion ($87.7 billion). The LLB Group is represented in
Liechtenstein, Switzerland, Austria, and the United Arab Emirates
(Abu Dhabi and Dubai).
