Financial Crime World

Monaco’s Financial Institutions Mandatory Compliance Training Now in Effect

Enhancing Professional Skills and Maintaining Excellence

In a move to elevate the skills of its financial sector employees and uphold its reputation for excellence, the Monegasque government has introduced mandatory professional certification exams for bank staff. The initiative, launched by the Association Monégasque des Activités Financires (AMAF), took effect on May 2nd, 2014.

Implementing the Certification Program

The Professional Certification Commission of AMAF was responsible for implementing the certification program, which aims to ensure that financial institutions in Monaco maintain high standards of professionalism and compliance. The exam is mandatory for:

  • Managers
  • Sales staff
  • Financial analysts
  • Trading-room operators working in banks and asset management companies in the principality.

Course Structure

The training course consists of 44 hours of instruction, divided into 11 half-day sessions, covering technical and ethical subjects. The technical component, worth 28 hours, will be provided by the International University of Monaco (I.U.M.), while the ethical compliance subject, focusing on Monegasque regulatory specificities, will be taught by Capital Banking Solutions for 16 hours.

Certification Exam Details

  • Candidates who fail to pass the certification exam have a 12-month window to retake it.
  • If they fail twice, they will no longer be permitted to work in any of these roles in Monaco’s financial sector.

The implementation of this mandatory certification program is backed by several key laws and regulations, including:

  • Law n° 1.338 of September 7th, 2007, amended Article 23
  • Sovereign Ordinance n° 1.284 of September 10th, 2007, amended 2° of Article 9-3
  • Regulation

Contact Information

For more information on the certification program or to register, please contact:

Mrs Federica CONTE at I.U.M. Email: fconte@ium.monaco.edu Phone: +377 97 98 65 25