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Statutory audit: Due diligence duties (AIA and FATCA)

Statutory audit: Due diligence duties relating to AIA and FATCA

Besides due diligence duties relating to anti-money laundering, financial institutions are also subject to those under the FATCA and AIA Act. The fiscal administration in Liechtenstein must monitor compliance with AIA and FATCA due diligence duties. Pursuant to Art. 11 of the FATCA Act and Art. 21 of the AIA Act, independent qualified public auditors or audit firms must carry out this monitoring and compliance check. Financial intermediaries may choose – in agreement with the fiscal administration – which audit firm conducts this statutory audit at their company.