Financial Crime World

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Monaco Cracks Down on Financial Crime: What Real Estate Agents Need to Know

In its relentless pursuit to remain a top destination for international investors and entrepreneurs, Monaco has intensified its efforts to combat financial crime. As part of this initiative, real estate agents operating in the Principality are now required to adhere to stricter anti-money laundering (AML) regulations.

The New Obligations

Real estate agents must now conduct enhanced due diligence on their clients, gathering detailed information about the natural persons behind corporate structures and shell companies. This includes:

  • Identifying the ultimate beneficial owners
  • Tracking the origin of funds and assets
  • Monitoring transactions for suspicious activity

The new rules also require real estate agents to maintain accurate records of their business relationships and due diligence measures for a minimum of five years.

Consequences of Non-Compliance

Failure to comply with these obligations can result in severe administrative or criminal penalties. Real estate agents found guilty of breaching AML regulations can face:

  • Fines
  • Imprisonment
  • Revocation of their licenses

A Stronger Regulatory Framework

Monaco’s government has invested significant resources in implementing a robust regulatory framework aimed at maintaining the Principality’s reputation as a responsible financial hub. The country’s anti-money laundering authority, SICCFIN, is empowered to monitor compliance with AML regulations and take swift action against non-compliant entities.

Practical Implications for Real Estate Agents

To ensure seamless transaction execution, real estate agents are advised to:

  • Establish detailed due diligence procedures
  • Verify the identity of natural persons behind corporate structures
  • Track the origin of funds and assets
  • Monitor transactions for suspicious activity
  • Maintain accurate records of business relationships and due diligence measures

Valeri Agency’s Commitment

As a leading real estate agency in Monaco, Valeri Agency is committed to staying ahead of the curve on AML regulations. We have developed a comprehensive internal guide, rolled out tools, and provided training to our employees to ensure that we can provide our clients with unparalleled service while maintaining the highest standards of transparency and integrity.

For more information on Monaco’s anti-money laundering regulations, visit SICCFIN’s website at https://www.siccfin.mc/en.