Here is the rewritten article in Markdown format:

Monaco’s Financial Security Authority Takes Shape as AML/CTF Solutions Emerge

=====================================================

The long-awaited law 1.549 of July 6, 2023 has officially come into force, bringing significant changes to Monaco’s financial regulatory framework in line with Moneyval recommendations. The new law comprises 130 articles and marks a major milestone in the country’s efforts to strengthen its anti-money laundering (AML) and combating the financing of terrorism (CTF) measures.

A New Era for Financial Regulation

The former Service d’Information et de Contrôle sur les Circuits Financiers (S.I.C.C.FIN.) has been transformed into an independent administrative authority, now known as the Autorité Monegasse de Sécurité Financière (AMSF). With this name change comes a shift in responsibilities to enhance the supervision of financial institutions (FIs) and designated non-financial businesses and professions (DNFBPs).

Enhanced Resources and Powers

The AMSF will be equipped with enhanced resources and powers, with its mandate divided into three main areas:

• Financial intelligence unit
• Supervision
• Sanctions

This overhaul aims to improve Monaco’s AML/CTF framework, ensuring greater transparency and accountability in the financial sector.

Expert Guidance for AML Compliance

As experts in AML solutions, DL Corporate & Regulatory has extensive experience assisting Monaco-based banks, asset management companies, and insurance firms navigate the complex regulatory landscape. With a long track record of delivering effective AML compliance services, our team is well-equipped to support clients in meeting their obligations under the new law.

For more information on our AML/CTF solutions, click here.