Monaco Department of Interior Leaps into Action with AML/CTF Software Solutions to Supervise Non-Profit Organizations

Streamlining Anti-Money Laundering and Combating the Financing of Terrorism Efforts

The Monegasque Département de l’Intérieur (DoI) has launched its 2024 surveys for approximately 2,000 Associations, Federations, and Foundations registered in Monaco. The department is leveraging STRIX, a cutting-edge software solution designed specifically for supervisors to boost Compliance and Effectiveness with FATF Recommendations 26 & 28 and Immediate Outcome 3.

Enhancing Supervision Capabilities

STRIX automates the distribution of surveys and data collection, enabling the DoI to conduct more effective AML/CTF risk assessments while:

Boosting compliance
Improving effectiveness
Reducing rounds and optimizing data collection cycles
Reaping recurring savings

The software’s mid-round rejection and re-entry survey management feature is a significant addition, allowing for:

Minimized rounds
Optimized data collection cycles
Additional cost savings for STRIX users

Partnership Aimed at Improving Efficiency and Effectiveness

The partnership between the DoI and STRIX aims to improve the efficiency and effectiveness of AML/CTF supervision, ultimately safeguarding Monaco’s financial integrity. By utilizing STRIX, the DoI can:

Enhance its supervision capabilities
Conduct more effective AML/CTF risk assessments
Streamline its compliance efforts

Benefits for Monaco

The partnership between the DoI and STRIX will have a positive impact on Monaco’s financial landscape by:

Improving the efficiency and effectiveness of AML/CTF supervision
Safeguarding Monaco’s financial integrity
Enhancing the country’s reputation as a responsible financial center

By leveraging STRIX, the Monegasque Département de l’Intérieur is taking a proactive approach to ensuring the financial stability and integrity of Monaco.