Responsibilities of the supervisory authority
The Banking Supervision Section of the Financial Market Authority is responsible for supervising payment institutions in Liechtenstein and it monitors compliance with the applicable legal norms. As part of the licensing procedure, the submitted documents are reviewed for content and completeness. Ongoing supervision is ensured on the basis of legally required reports to be submitted by the payment institutions, as well as through direct and periodic contact with the boards of directors and management of the institutions.
With regard to auditing and review of compliance by payment institutions with their legal requirements, the Financial Market Authority relies primarily on the audit reports prepared by external auditors, though the FMA may also carry out its own audits or accompany external audits. Where violations of legal norms or grievances come to the attention of the Financial Market Authority, it seizes the necessary measures to restore a lawful state of affairs.
In the fulfillment of its responsibilities, the Financial Market Authority may for instance also demand that persons and entities subject to the Payment Services Act and supervision as well as their auditors provide all information and documents necessary to enforce the law, and it may order or carry out extraordinary audits. It may issue decisions as well as decrees to act, abstain from an act, or declaratory decrees, and, after a warning, it may publish final decisions and decrees if the persons or entities involved fail to comply with them.
Further information available in German.