Monaco Placed Under Intense Scrutiny Amid Moneyval Report’s Findings: Regulatory Compliance Checklist Imperative for Financial Institutions and Non-Financial Businesses

The Recent Moneyval Report Highlights Significant Vulnerabilities in Monaco’s Anti-Money Laundering Measures

The recent Moneyval report has brought Monaco under intense scrutiny, revealing significant shortcomings in its anti-money laundering (AML) measures. Conducted in 2022, the audit has raised concerns among financial institutions and non-financial businesses, which are now expected to implement “significant improvements” before March 2024 to avoid being placed on the grey list.

Insufficient AML Measures Expose Monaco-Based Entities to Increased Risk

According to the report, Monaco’s AML measures have been deemed insufficient, with suspicious transaction reports (STRs) considered inadequate in both numbers and quality of analysis. This lackluster performance has increased the risk of sanctions, both administrative and criminal, for non-compliant entities.

Regulatory Compliance Checklist: Key Takeaways

To mitigate potential risks and avoid falling short of regulatory requirements, we recommend the following:

• Enhance AML training sessions: Prioritize regulatory compliance by stepping up AML training sessions for financial institutions and non-financial businesses.
• Improve STR quality and quantity: Ensure that suspicious transaction reports are thorough and accurate to minimize the risk of sanctions.

Our Comprehensive Training Programs

Our firm has been providing comprehensive training programs to Monaco-based banks, asset management entities, and law firms for nearly a decade. Our training modules include:

• AML regulations: Equipping professionals with the necessary knowledge to comply with AML regulations.
• Criminal risks: Addressing criminal risks for board members, management, and compliance officers under laws 1520 and 1521.

Proactive Measures to Mitigate Potential Risks

We urge financial institutions and non-financial businesses to take proactive measures to mitigate potential risks and avoid falling short of regulatory requirements. For more information on our training sessions or to learn more about the Moneyval evaluation, please refer to our website. If you have any further inquiries or would like details on our training modules, please do not hesitate to contact us.

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