Financial Crime World

Monaco’s Banking Industry Complies with Strict Confidentiality Standards

The Principality of Monaco is renowned for its banking industry’s commitment to strict confidentiality standards. These regulations are designed to protect customers’ interests, create a sense of trust among depositors, and ensure the integrity of financial transactions.

Governance and Regulations

  • The banking sector in Monaco is governed by Article 308 of the Penal Code, which punishes any failure to maintain professional secrecy.
  • Banks and asset management companies operating in Monaco collect extensive information on customers’ financial status, business affairs, and private lives.
  • This sensitive data is protected under professional secrecy, which covers all transactions related to asset management, including bank account balances and operations.

Exceptions to Confidentiality

  • The Monegasque banking industry’s supervisory authorities can request information from banks.
  • Local legal authorities involved in a criminal investigation may also have access to confidential data.
  • Persons with France as their fiscal domicile, according to the 1963 tax treaty between France and Monaco, are not subject to professional secrecy.

Data Protection

  • The Commission de Contrôle des Informations Nominatives (CCIN) is responsible for protecting personal data in Monaco.
  • As an independent administrative authority, the CCIN ensures compliance with people’s fundamental freedoms and rights related to their personal information.

Monaco Combats Money Laundering and Terrorist Financing

The Principality of Monaco has a long history of actively combating organized crime, money laundering, and terrorist financing. The country’s laws and regulations have been regularly tightened, earning favorable assessments from international organizations such as the Financial Action Task Force (FATF), MONEYVAL (Council of Europe), and the International Monetary Fund (IMF).

Strengthening Anti-Money Laundering Efforts

  • Monaco has strengthened its human and material resources for its Financial Intelligence Unit, the SICCFIN.
  • The unit has signed agreements with 24 other Financial Intelligence Units and is part of the EGMONT Group of F.I.Us from 110 countries.

Commitment to Global Cooperation

  • Under H.S.H. the Sovereign Prince’s directive, Monaco aims to be at the forefront of the global fight against money laundering and terrorist financing.
  • The country’s commitment to international cooperation is reflected in its membership in various organizations and agreements aimed at preventing financial crimes.