Financial Crime World

Monaco Regulatory Bodies Crack Down on Financial Crime

Protecting Investors and Preventing Financial Crime in Monaco

The Commission de Contrôle des Activités Financières (CCAF), Monaco’s top financial regulator, has been working tirelessly to safeguard investors and prevent financial crime in the Principality. In a series of alerts, the CCAF has warned the public about several entities operating without authorization in Monaco.

Unregistered Entities Operating in Monaco

The following entities have been identified as operating without authorization in Monaco:

  • BSI Business Sécurité Investissement: Claims to offer wealth management services in Monaco, but is not licensed by the CCAF.
  • Royal Investment Consortium: Offers a range of services including international private banking and offshore banking, but is not registered or licensed in Monaco.

Protecting Yourself from Financial Crime

To avoid falling victim to financial crime, consumers are advised to:

  • Verify the authorization of any entity before entering into financial transactions
  • Check the list of authorized firms on the CCAF’s website
  • Be cautious when dealing with unregistered entities

Investor Education and Resources

The CCAF has launched an investor education section on its website, providing resources and information to promote a better understanding of financial products and services.

Strict Regulation of Financial Marketing in Monaco

Marketing of financial products in Monaco is strictly regulated, with only authorized firms allowed to operate under their own liability. The CCAF remains committed to ensuring that the Principality’s financial sector remains stable and secure for all stakeholders.

Annual Report and Mid-Year Statistics

The CCAF has released its annual report for 2022, highlighting key statistics and trends in Monaco’s financial sector. Mid-year statistics for 2023 are also available on the CCAF’s website, providing insight into the sector’s performance during the first half of the year.

Conclusion

By remaining vigilant and only dealing with authorized entities, investors and consumers can help prevent financial crime and protect their investments. The CCAF continues to work towards maintaining a safe and secure financial environment in Monaco.