Financial Crime World

Monaco Introduces Regulatory Compliance Checklist to Enhance Financial Sector Supervision

The Principality of Monaco has taken a significant step forward in its efforts to comply with international anti-money laundering (AML) standards by introducing a comprehensive legislative framework. This milestone marks a major advancement in the country’s financial regulatory system.

Comprehensive Legislation and Reforms

On July 6, 2023, Law No. 1.549 came into effect, comprising 130 articles designed to strengthen Monaco’s financial regulatory framework. As part of these reforms, the former Service d’Information et de Contrôle sur les Circuits Financiers (SICC FIN) has been transformed into an independent administrative authority, now known as Autorité Monégasque de Sécurité Financière (AMSF).

Enhanced Supervision and Sanctions

The AMSF will be equipped with enhanced resources and capabilities to intensify its supervision of financial institutions (FIs) and designated non-financial businesses and professions (DNFBPs). Its mandate is divided into three main areas:

  • Financial Intelligence Unit: The AMSF’s financial intelligence unit will enable it to monitor the activities of FIs and DNFBPs, identify potential risks, and take swift action to address any non-compliance.
  • Supervision: The AMSF will oversee the operations of FIs and DNFBPs, ensuring compliance with regulatory requirements and AML standards.
  • Sanctions: The AMSF will impose sanctions on entities found to be non-compliant with regulatory requirements.

Expert Support for Financial Institutions

DL Corporate & Regulatory, a leading expert in AML compliance, offers tailored solutions to help Monaco’s financial institutions navigate the complex regulatory landscape. With extensive experience assisting banks, asset managers, and insurance companies, DL Corporate & Regulatory provides guidance on:

  • Compliance with changing AML requirements
  • Risk assessment and mitigation strategies
  • Implementation of effective AML programs

For more information on DL Corporate & Regulatory’s services, please visit [insert link].