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Compliance Risks Loom Large for Financial Institutions in Monaco as Moneyval Report Highlights Vulnerabilities

A recent report by the Moneyval committee has shed light on significant vulnerabilities in Monaco’s anti-money laundering (AML) measures, prompting concerns about compliance risks for financial institutions and non-financial businesses. The report follows a 2022 audit of Monaco’s AML regime.

Vulnerabilities Identified

The report highlights concerns over suspicious transaction reports (STRs), which are deemed inadequate in terms of numbers and quality of analysis to detect fraud and corruption risks. These findings indicate that financial institutions must take immediate action to avoid being placed on the “grey list” by March 2024, failure to do so could result in increased risk of sanctions, both administrative and criminal.

Compliance Risks

Financial institutions and businesses operating in Monaco are under intense scrutiny. To mitigate these risks, it is imperative for financial institutions to:

• Step up their AML training sessions to address the increased risk
• Improve the quality and quantity of STRs submitted

Our Expertise

For nearly a decade, our firm has been providing AML training sessions to Monaco banks, asset management entities, and law firms on compliance with professional AML obligations. Our training modules also include specialized courses designed to address the criminal risk faced by:

• Board members
• Management
• Compliance officers under laws 1520 and 1521

Next Steps

For more information on our training sessions or Moneyval’s evaluation of Monaco’s AML regime, please visit our website: [insert link]

For further details on our training modules, contact us here: [insert contact info]