Financial Crime World

Compliance Risk Management in Monaco: A Pragmatic Approach

Monaco - In today’s increasingly complex regulatory landscape, companies operating in Monaco face numerous challenges when it comes to managing compliance risk. To help mitigate these risks, GCG Monaco offers a range of services designed to support clients in meeting their regulatory obligations.

Outsourcing Compliance: A Flexible Solution

According to experts at GCG Monaco, outsourcing the compliance function does not necessarily require the allocation of a full-time in-house person. The company’s pragmatic approach to compliance and risk management can be tailored to meet the specific needs of each client, including:

  • Ongoing services
  • Periodic services
  • Co-sourced services

Co-sourcing allows clients to adapt their compliance department to changing business needs by allocating tasks to GCG Monaco on a flexible basis. This may include high-volume, unpredictable, or specialized expertise requirements.

Expert Consulting Services

GCG Monaco’s consulting services are designed to help regulated entities fulfill their regulatory obligations and control their compliance risk. With constant changes in the regulatory framework, compliance involves adjusting existing prevention and control mechanisms to new legal risks and regulatory changes. Whatever the size of the organization, GCG Monaco can provide tailored support to meet new strategic challenges.

FATCA and CRS Services

GCG Monaco’s experts offer FATCA and CRS services, including:

  • Sponsor capabilities
  • Service provider capabilities
  • Identification of persons holding an equity interest
  • Account holder documentation
  • AEOI activated agreements mapping
  • Personal and financial data formatting
  • Record keeping
  • Regulatory monitoring

Registration and Reporting Services

GCG Monaco performs registration processes on behalf of clients in jurisdictions such as:

  • Monaco
  • British Virgin Islands
  • Cayman Islands
  • Bahamas
  • Panama

The company also offers reporting services for FATCA, CRS, and DAC6 obligations, providing directors or trustees with broad reporting capabilities and bringing entities into compliance at a lower cost.

DAC6 Services

DAC6, which came into effect in the EU on July 1, 2020, requires financial intermediaries to report potentially tax-aggressive cross-border arrangements to national tax administrations. GCG Monaco can assist clients in setting up processes to:

  • Identify such arrangements
  • Determine when reporting is required
  • Carry out the reporting process

Trust Experts for Compliance Risk Management

Trust experts at GCG Monaco to help you navigate the complexities of compliance risk management in Monaco. With its ISO 27001 compliant IT system and customer relationship management (CRM) tool, GCG Monaco delivers cutting-edge data analysis, tax reporting services, and the highest standard of confidentiality to clients worldwide.