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MONACO’S COMPLIANCE TRAINING PROGRAMS: A STEP TOWARDS EXCELLENCE IN FINANCIAL SECTOR
The Principality of Monaco has taken a significant step towards enhancing the skills and expertise of its financial professionals with the introduction of mandatory certification programs. The International University of Monaco (IUM) has been at the forefront of this initiative, working in collaboration with Auriga Legal Services and Intelleval to deliver these programs.
Mandatory Certifications for Monaco Financial Institutions
The Banking, Financial, and ESG Professional Certification is a mandatory program established by the Monaco Government, in partnership with the Association Monégasque des Activités Financières (AMAF). This certification aims to strengthen the skills of employees working in Monegasque financial institutions, thereby upholding the reputation of excellence in the sector. Since its inception in 2014, this program has been delivered by IUM and is implemented twice a year.
The certification covers two modules:
- One focusing on technical and ESG (Environment, Social, and Governance) aspects
- Another addressing Monaco’s regulatory specifics and ethics
This comprehensive training consists of 44 hours of classes spread over 11 half-days.
Confidentiality Certification
In addition to the Banking, Financial, and ESG Professional Certification, IUM has also launched a Confidentiality Certification program in collaboration with AMAF. This certification is established in compliance with Ministerial Order No. 2018-367 of April 30, 2018, and is mandatory for all staff in credit institutions and management companies accredited by AMAF.
The confidentiality certification focuses on three key areas:
- Professional secrecy
- Confidentiality
- Discretion
It provides continuous training sessions to educate personnel in the importance of maintaining confidentiality and adhering to strict secrecy protocols.
Target Audience and Practical Details
The Confidentiality Certification is mandatory for all staff in credit institutions and management companies accredited by AMAF. Registration is facilitated through a dedicated platform where each institution has access. The certification is valid for three years and must be renewed thereafter.
IUM’s compliance training programs are designed to provide financial professionals with the necessary skills and expertise to excel in their roles, while upholding the high standards of excellence expected from Monaco’s financial sector.