Financial Crime World

Monaco Under Scrutiny: Banking Industry Compliance Standards in the Spotlight

Introduction

A recent report by Moneyval has brought Monaco’s anti-money laundering (AML) measures under intense scrutiny. The report highlights key vulnerabilities in AML measures, emphasizing the need for significant improvements from financial institutions and non-financial businesses.

Concerns Raised by Moneyval Report

  • Inadequate Suspicious Transaction Reports: Financial institutions’ STRs are deemed insufficient in both quantity and quality of analysis, raising concerns about detecting fraud and corruption risks effectively.
  • Risk of Administrative and Criminal Sanctions: Monaco’s vulnerabilities have increased the risk of administrative and criminal sanctions for financial institutions and non-financial businesses.

Response to Scrutiny

To address the heightened scrutiny from Monaco authorities, professionals subject to AML regulations are recommended to step up their training sessions. This includes:

  • Board Members and Compliance Officers: Special modules addressing the criminal risks faced by board members, management, and compliance officers under laws 1520 and 1521.
  • Asset Management Entities and Law Firms: Comprehensive training programs offered by a leading provider of AML compliance services.

Investing in AML Training

By investing in AML training, professionals can:

  • Meet Obligations: Ensure they are meeting their obligations under AML regulations.
  • Mitigate Risks: Reduce the risk of administrative and criminal sanctions.

For more information on our training sessions and to learn about Moneyval’s evaluation of Monaco’s AML measures, please visit our website. If you have any specific questions or would like to inquire about our training modules, please don’t hesitate to contact us.