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Comprehensive Banking Industry Compliance Standards Enacted in Monaco

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The Principality of Monaco has taken a significant step towards enhancing its financial regulatory framework by enforcing Law 1.549 on July 6, 2023. This legislation is aimed at aligning Monaco’s standards with Moneyval recommendations and bolstering the country’s compliance with international anti-money laundering (AML) regulations.

Enhanced Supervision and Compliance

The Service d’Information et de Contrôle sur les Circuits Financiers (S.I.C.C.FIN.) has been rebranded as the Autorité Monégasque de Sécurité Financière (AMSF), an independent administrative authority. The AMSF’s role is being expanded to strengthen supervision of financial institutions (FIs) and designated non-financial businesses and professions (DNFBPs). To achieve this, the agency will be equipped with enhanced resources and powers.

Key Areas of Remit

• Financial Intelligence Unit: Improved detection of illicit activities
• Supervision: Enhanced regulatory oversight
• Sanctions: Ensuring perpetrators are held accountable for non-compliance

Expert Support from DL Corporate & Regulatory

DL Corporate & Regulatory, a leading provider of AML expertise, has been assisting Monaco’s banking sector in navigating the complexities of compliance. With a long history of supporting banks, asset management companies, and insurance firms in meeting evolving regulatory demands, DL Corporate & Regulatory offers tailored services to help organizations stay ahead of the curve in this critical area.

For more information on their AML services, please visit their website [here](link to website).