Monaco Enhances Financial Regulations with New Law 1.549

On July 6, 2023, Monaco introduced Law 1.549, a significant legislative change aimed at strengthening the principality’s financial regulatory framework. This new law brings Monaco’s regulations in line with Moneyval recommendations, solidifying its position as a secure and reputable financial center.

Transformation of S.I.C.C.FIN. into AMSF

At the heart of this legislative change is the transformation of the Service d’Information et de Contrôle sur les Circuits Financiers (S.I.C.C.FIN.) into an independent administrative authority, now known as the Autorité Monégasque de Sécurité Financière (AMSF). With its new name comes a significant expansion of its powers and responsibilities.

Key Areas of AMSF’s Mandate

The AMSF will oversee financial institutions (FIs) and designated non-financial businesses and professions (DNFBPs) with greater vigor. To achieve this, the authority will be equipped with enhanced resources and tools to monitor and regulate these sectors effectively. The AMSF’s mandate is divided into three key areas:

Financial Intelligence Unit

• Identify and analyze suspicious transactions
• Provide valuable insights for law enforcement agencies

Supervision

• Conduct regular audits and inspections of financial institutions
• Ensure compliance with regulations and anti-money laundering (AML) laws

Sanctions

• Impose appropriate sanctions in cases of non-compliance
• Promote a culture of accountability within the financial sector

Expert Support for Compliance Efforts

DL Corporate & Regulatory, an expert in AML and regulatory matters, has extensive experience assisting Monaco-based banks, asset managers, and insurance companies navigate complex regulatory landscapes. To learn more about their services and how they can support your organization’s compliance efforts, please visit their website.