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Monaco’s Preparations for MONEYVAL Evaluation Highlight Financial Institution Risk Assessment Templates

As the Principality of Monaco prepares for its upcoming evaluation by the MONEYVAL delegation, SICCFIN Director Michel Hunault, also Chair of the MONEYVAL Delegation, has revealed the country’s comprehensive approach to assessing financial institution risk.

National Risk Assessment (NRA 2)

The NRA 2 is a crucial component in ensuring Monaco complies with Financial Action Task Force (FATF) standards. According to Hunault, the Prince’s Government has entrusted him with chairing the Monegasque Delegation for the MONEYVAL NRA, which involves coordinating efforts from government agencies, the judiciary, police, and private sector stakeholders.

Comprehensive Approach

SICCFIN has established a national strategy, action plan, guidelines, and compliance questionnaires to ensure a comprehensive assessment of financial institution risk. The evaluation by the MONEYVAL delegation will not only assess Monaco’s progress in complying with FATF recommendations but also scrutinize previous efforts. Hunault expressed hope that the country’s advancements since his appointment will be welcomed, despite the focus on past years.

Preparation for Evaluation

To prepare for the evaluation, SICCFIN has mobilized all available skills and established an informal coordination group comprising private and public stakeholders affected by anti-money laundering and terrorist financing efforts. The group aims to monitor the effectiveness of the action plan and national strategy, with plans to continue operating under the authority of the Minister of State.

Leveraging Technology

SICCFIN is leveraging new technology to improve efficiency and effectiveness in preventing and combating money laundering and terrorist financing. This includes using artificial intelligence to enhance risk mapping and processing, as well as investigating reports and requests for information from foreign counterparts.

Adapting to New Challenges

The emergence of crypto-assets and blockchain also presents new challenges that must be measured against the challenge of regulation. SICCFIN has demonstrated its adaptability in improving the credibility and efficiency of its work, ensuring a robust approach to financial institution risk assessment templates in Monaco.

Key Points

• The MONEYVAL delegation will evaluate Monaco’s progress in complying with FATF recommendations
• SICCFIN is leveraging technology to improve efficiency and effectiveness in preventing money laundering and terrorist financing
• The country has established a national strategy, action plan, guidelines, and compliance questionnaires for financial institution risk assessment
• The informal coordination group aims to monitor the effectiveness of the action plan and national strategy