Financial Crime World

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Boost for Banks in Monaco: New Certifications Enhance Compliance Training

The Commission de Contrôle des Activités Financières (CCAF) has introduced two new professional certifications aimed at strengthening the fight against money laundering, terrorist financing, and corruption among banks operating in Monaco.

Enhanced Compliance Training for a Stronger Financial Hub

The new certifications come into effect from 2022 onwards and are designed to raise awareness among asset managers, account managers, financial analysts, and trading room operators on the importance of implementing robust anti-money laundering, anti-terrorist financing, and anti-corruption measures.

Professional Certifications Launched by CCAF

There are three new professional certifications introduced by the CCAF:

  • Professional Banking, Finance, and ESG Certification: This revamped certification program was created in 2014 and is designed to equip professionals with the skills they need to navigate the complex world of sustainable finance and environmental, social, and governance (ESG) considerations.
  • LCB/FT-C Professional Certification: Introduced in 2022, this training program targets individuals responsible for implementing anti-money laundering, anti-terrorist financing, and anti-corruption measures within their organizations, as well as personnel under their authority.
  • Internal Control of Financial Activities Professional Certification: Launched in 2023, this certification targets internal control managers working for companies approved by the Commission de Contrôle des Activités Financières, as well as individuals under their supervision.

Strengthening Monaco’s Reputation as a Financial Hub

The introduction of these new certifications marks a significant step forward in Monaco’s efforts to maintain its reputation as a financial hub and ensures that banks operating in the Principality are equipped with the necessary tools and expertise to combat financial crime.

  • Enhances compliance training for banks operating in Monaco
  • Raises awareness on anti-money laundering, anti-terrorist financing, and anti-corruption measures
  • Strengthens Monaco’s reputation as a financial hub
  • Equips professionals with skills to navigate sustainable finance and ESG considerations