Financial Crime World

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Monaco - KYC Procedures for Financial Institutions: A Step Towards Compliance

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As Monaco continues to strengthen its efforts in combating money laundering, financial institutions are facing a new set of challenges.

National Risk Assessment (NRA)

According to Sébastien Prat, Secretary-General for the Association of Compliance Officers of Monaco (AMCO) and founder of Phoenix Consulting Monaco and Equilateral.io, the NRA is a collaborative process that involves professionals from various sectors. These include:

  • Banks
  • Management companies
  • Trust or company service providers
  • Real estate agents
  • Auction houses
  • Antique dealers
  • Chartered accountants
  • Casinos

The goal of the NRA is to identify threats and vulnerabilities related to money laundering and ensure that financial institutions comply with regulations.

Challenges and Solutions

However, Prat notes that many professionals are concerned about the complexity of new regulations, which they perceive as generating additional costs. He emphasizes the need for proportionate application of the law, taking into account the level of risk in each profession.

Phoenix Consulting Monaco and Equilateral.io offer solutions to help financial institutions comply with KYC procedures and risk assessments. The consultancy firm can:

  • Relieve clients of some or all of their formalities
  • Outsource implementation of procedures
  • Draft suspicious transaction reports
  • Provide annual reporting
  • Offer training on anti-money laundering procedures

Phoenix Consulting Monaco’s Expertise

Prat’s team at Phoenix Consulting Monaco has a diverse range of backgrounds, with a pragmatic approach that focuses on business needs. The firm’s partner holds the CAMS certification, considered the gold standard in anti-money laundering procedures.

Upcoming Deadlines and Challenges

The next deadlines facing Monaco include:

  • Implementation of Guidelines published by SICCFIN
  • Drafting of Practical Guides specific to each profession
  • MONEYVAL evaluation with a visit planned for early 2022
  • Contribution to the Government’s action plan on money laundering for the coming months

Conclusion

As Monaco continues to strengthen its efforts in combating money laundering, financial institutions must stay ahead of the curve by implementing effective KYC procedures and risk assessments. With the guidance of experts like Sébastien Prat, financial institutions can ensure compliance without sacrificing business efficiency.