POWER: Monaco Strengthens Fight Against Money Laundering and Terrorism Financing
In its ongoing efforts to combat money laundering and terrorism financing, the Principality of Monaco has introduced new measures to ensure that those responsible for implementing anti-money laundering (AML) and combating the financing of terrorism (CFT) systems meet specific qualifications and professional skills requirements.
New Measures Introduced
On November 7, 2022, Sovereign Order no. 9.223 will come into effect, applying to credit institutions, payment institutions, electronic money institutions, and persons carrying out financial activities. The new rules require AML/CFT managers to hold specific qualifications or experience in fields such as banking, finance, economics, or law.
Qualifications and Experience Requirements
To be recruited, AML/CFT managers must:
- Hold a Master’s degree or diploma certifying at least four years of higher education
- Provide evidence of experience acquired in one of the specified fields after a period of professional practice considered sufficient by the relevant management body
Training Sessions
Once appointed, AML/CFT managers are required to enroll in a training session within six months of taking up their duties. The Association Monégasque des Agents Financiers (AMAF) will organize these training sessions, which will cover instruction on paid working time and result in the issuance of a professional certification after passing an examination.
Professional Certification Commission
A new “Anti-Money Laundering, Combating the Financing of Terrorism and Corruption” Professional Certification Commission has been established to issue opinions on matters related to AML/CFT systems. The commission is composed of representatives from AMAF, SICCFIN, CCAF, and other experts in the prevention of money laundering, terrorist financing, and corruption.
Key Takeaways
- AML/CFT managers must hold specific qualifications or experience
- Training sessions are mandatory within six months of appointment
- Professional certification is issued after passing an examination
- A new professional certification commission has been established to issue opinions on AML/CFT matters
- The measures aim to enhance the reputation of Monaco as a reliable and trustworthy jurisdiction in the global financial system.