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MONACO BANKING COMPLIANCE UPDATES 2023: NEW REGULATIONS COME INTO FORCE

In a significant move aimed at strengthening financial oversight and combating money laundering, Monaco has introduced Law 1.549 of July 6th, 2023, which comes into effect immediately.

New Legislation to Align with Moneyval’s Recommendations

The new legislation comprises 130 articles, designed to align with Moneyval’s recommendations and adapt the principality’s regulatory framework. This significant update is aimed at enhancing the country’s financial oversight and combating money laundering effectively.

Key Changes: Transformation of S.I.C.C.FIN. into AMSF

One of the most notable changes is the transformation of the Service d’Information et de Contrôle sur les Circuits Financiers (S.I.C.C.FIN.) into an independent administrative authority, now known as the Autorité Monégasque de Sécurité Financière or AMSF.

Redefined Responsibilities and Enhanced Resources

As part of this makeover, the organization’s responsibilities have been redefined to enhance supervision over financial institutions (FIs) and designated non-financial businesses and professions (DNFBPs). The AMSF will be equipped with enhanced resources and powers, its missions divided into three key areas:

• Financial Intelligence Unit
• Supervision
• Sanctions

Expert Support for Businesses Operating in the Sector

DL Corporate & Regulatory, a leading expert in anti-money laundering (AML), has extensive experience supporting Monaco-based banks, asset management companies, and insurance providers in navigating the complexities of regulatory compliance. With this new legislation coming into force, businesses operating in the sector would benefit from consulting with industry specialists to ensure seamless adaptation to these changes.

Get support for your business today!