Monaco’s Financial Regulatory Landscape Shifts as New Law Takes Effect

A new law in Monaco aimed at strengthening the country’s anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations has come into force following a July 6 deadline. The law, numbered 1.549, consists of 130 articles and is designed to align with recommendations issued by Moneyval.

Key Changes

The new legislation brings about several key changes, including:

• Transformation of S.I.C.C.FIN: The Service d’Information et de Contrôle sur les Circuits Financiers (S.I.C.C.FIN) has been transformed into an independent administrative authority called the Autorité Monégasque de Sécurité Financière (AMSF).
• Enhanced powers and resources: The AMSF will be granted greater resources and powers to intensify its supervision of financial institutions (FIs) and designated non-financial businesses and professions (DNFBPs).

The AMSF’s Mandate

The AMSF’s mandate has been divided into three main areas:

• Financial intelligence unit: Collecting, analyzing, and disseminating financial intelligence to prevent and detect AML/CFT offenses.
• Supervision: Overseeing the activities of FIs and DNFBPs to ensure compliance with AML/CFT regulations.
• Sanctions: Implementing measures to prevent and respond to AML/CFT breaches.

Expert Guidance

DL Corporate & Regulatory, an expert in AML matters, has extensive experience assisting Monaco-based banks, asset management companies, and insurance firms navigate the complex regulatory landscape. The company offers tailored services to help institutions comply with changing requirements. For more information on its AML expertise, interested parties can click here.