Monaco’s Financial Security Authority Achieves Major Milestone in AML/CTF Efforts

The Monegasque Financial Security Authority (AMSF), formerly known as SICCFIN, has reached a significant milestone in its efforts to digitize, automate, and enhance the effectiveness of its Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) risk assessment process.

AML/CTF Efforts

The AMSF has successfully collected data from over 1,100 obliged entities across 20 distinct financial and non-financial sectors using the STRIX AML product suite. This achievement marks a major milestone in the authority’s efforts to:

• Digitize its AML/CFT risk assessment process
• Automate compliance with FATF Recommendations 26 & 28 and Immediate Outcome 3
• Enhance the effectiveness of its risk-based supervisory engagement plans

High Participation Rates

The impressive data collection rate was achieved through high participation rates from obliged entities, which is expected to significantly improve compliance with:

• FATF Recommendations 26 & 28
• Immediate Outcome 3

STRIX AML Product Suite

The authority’s use of STRIX’s risk assessment and analytics capabilities will support its risk-based supervisory engagement plans, ultimately leading to increased effectiveness in preventing financial crimes.

Learn More

For more information on the AMSF and its AML/CFT efforts, including the latest returns data, visit www.amsf.mc.