The Liechtenstein Financial Market Authority published an investor warning on offers to buy and hold physical precious metals, citing heightened caution in light of recent geopolitically driven price increases. It clarified that, in principle, selling and safekeeping physical precious metals and reporting client holdings do not require a specific FMA licence, meaning providers are not subject to the FMA’s prudential supervision for these activities. As a result, purchase contracts and the existence of precious metal holdings are not reviewed by the FMA. Where custody is offered alongside sale, the authority recommends close scrutiny of the custodian’s security and reliability and the relevant contractual terms, and advises scepticism toward unusual discounts, delivery conditions, and complex business models or service offerings. If irregularities arise, investors may need to pursue return of the metal through the courts and face a risk of total loss if the provider is not creditworthy. The FMA noted that its oversight of compliance with due diligence law remains unaffected, including customer due diligence obligations for goods traders where cash payments are CHF 10,000 or more for anti-money laundering purposes.
Liechtenstein Financial Market Authority 2026-03-09
Liechtenstein Financial Market Authority cautions on physical precious metals investments and clarifies most providers are not prudentially supervised
The Liechtenstein Financial Market Authority warned investors about offers to buy and hold physical precious metals, urging caution due to recent geopolitical price increases. Selling and safekeeping these metals don't require an FMA licence, so providers aren't under FMA supervision. The authority advises scrutinizing custodians' security and contractual terms, highlighting risks of total loss if providers aren't creditworthy, while noting that compliance with due diligence law remains unaffected for cash payments of CHF 10,000 or more.