Financial Crime World

Monaco Takes Stride in Fight Against Financial Crime with New AML Policies

On July 6, 2023, Monaco took a significant step forward in its efforts to combat financial crime by implementing new anti-money laundering (AML) policies through Law 1.549. This comprehensive legislation comprises 130 articles and aims to bring the principality’s regulatory framework in line with Moneyval recommendations.

Rebranding and Expansion of Financial Authority

A key aspect of the reforms is the rebranding and expansion of the former 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 (AMSF). This revamped agency will be empowered to oversee financial institutions and designated non-financial businesses and professions with increased resources and capabilities.

AMSF’s Mandate

The AMSF’s mandate is divided into three key areas:

  • Financial Intelligence Unit: The AMSF will gather, analyze, and disseminate financial intelligence to detect and prevent money laundering and terrorist financing.
  • Supervision: The agency will oversee financial institutions and designated non-financial businesses and professions to ensure compliance with AML regulations.
  • Sanctions: The AMSF will impose sanctions on individuals and entities found to be involved in money laundering or terrorist financing.

Enhancing AML Defenses

The expanded role of the AMSF is designed to strengthen Monaco’s AML defenses and better equip it to tackle the complex challenges posed by money laundering and terrorist financing. As a result, financial institutions operating in the principality must adapt to the new regulatory requirements to ensure compliance.

Expert Guidance for Financial Institutions

As banks, asset managers, and insurance companies navigate the complexities of evolving regulatory requirements, DL Corporate & Regulatory stands ready to provide expert guidance and support. With a long history of assisting financial institutions in their efforts to comply with AML regulations, the firm is well-equipped to help clients stay ahead of the curve.

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