Compliance Corner: Liechtensteinische Landesbank

Editorial Staff

6 August 2019

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,” 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).