Financial Crime World

Monaco Tightens Loops on Financial Crimes

The Principality of Monaco has strengthened its measures to combat money laundering and terrorist financing, solidifying its reputation as a safe and attractive financial hub.

New Regulations for Real Estate Agents

Real estate agents in Monaco are now required to implement strict due diligence measures when dealing with clients. These measures include:

  • Verifying the identity of clients
  • Monitoring business relationships
  • Reporting any suspicious transactions to the authorities

These new rules aim to prevent the misuse of the financial system by criminals and ensure that Monaco remains a secure destination for investors and businesses.

Record Keeping and Compliance

Under the new regulations, real estate agents are required to keep detailed records of their business relationships and due diligence measures for at least five years. Failure to comply with these obligations can result in:

  • Administrative sanctions
  • Criminal sanctions, including fines and imprisonment

The Principality’s financial authorities have also issued a list of “risky” countries and individuals, including Politically Exposed Persons (PEPs), whose transactions will be subject to enhanced monitoring.

Response from Valeri Agency

In response to the new regulations, Valeri Agency has updated its internal procedures and trained its employees on the new requirements. The agency is committed to ensuring that all transactions are carried out with complete transparency and compliance with the law.

“We take our responsibilities very seriously,” said a spokesperson for Valeri Agency. “We are committed to supporting our clients through this process, while ensuring that we maintain the highest standards of integrity and transparency.”

Implementation and Resources

The new regulations come into effect immediately, and real estate agents in Monaco are urged to familiarize themselves with the new requirements.

For more information on the new regulations and how they affect you, please visit the Siccfin website at https://www.siccfin.mc/en.