MONACO TAKES STEP TO ENHANCE FINANCIAL PROFESSIONALS’ SKILLS WITH MANDATORY COMPLIANCE TRAINING EXAM

The Government of Monaco, in collaboration with the Association Monégasque des Activités Financières (AMAF), has introduced a mandatory professional certification exam for employees of the Principality’s financial institutions. The initiative aims to strengthen the skills of local professionals and uphold the reputation of excellence of the Financial Center.

Implementation and Eligibility

The Professional Certification Commission of AMAF was responsible for implementing the certification process, which kicked off in May 2014. Eligible candidates include:

• Managers
• Sales representatives
• Financial analysts
• Trading-room operators

These professionals must work at banks or asset management companies in Monaco.

Training Program

The training program comprises a comprehensive 44-hour course divided into 11 half-day sessions, covering two key subjects:

• Technical expertise provided by the International University of Monaco (IUM)
• Ethical compliance focusing on Monegasque regulatory specificities, delivered by Capital Banking Solutions

Certification Exam

The certification exam is held twice a year, with 15 to 30 participants per session. Candidates who fail the exam have a 12-month window to retake it. However, if they fail for a second time, they will be prohibited from exercising any of the aforementioned functions in a bank or asset management company in Monaco.

Regulatory Framework

The regulatory framework supporting this initiative includes:

• Law n° 1.338 of September 7th, 2007, as amended (Art. 23)
• Sovereign Ordinance n° 1.284 of September 10th, 2007, as amended (2° of art. 9-3)
• Relevant regulation

Registration

Prospective candidates can register by contacting Mrs Federica ConTE at IUM on phone number 00 377 97 98 65 25 or via email fconte@ium.monte-carlo.edu.