Monaco Takes Step Forward in Compliance Efforts with Enactment of Law 1.549

Introduction

Monaco has made significant strides in its efforts to comply with international anti-money laundering (AML) standards and adapt its regulatory framework to meet the recommendations of Moneyval, the Council of Europe’s anti-money laundering body.

Key Provisions of Law 1.549

• Creation of Independent Administrative Authority: The Autorité Monégasque de Sécurité Financière (AMSF) has replaced the former Service d’Information et de Contrôle sur les Circuits Financiers (S.I.C.C.FIN.).
• Responsibilities of AMSF:
  • Financial Intelligence: collection and analysis to identify and disrupt illicit activities
  • Supervision: oversight of financial institutions (FIs) and designated non-financial businesses and professions (DNFBPs)
  • Sanctions: imposition on entities that fail to meet regulatory requirements

Benefits of Law 1.549

• Increased Resources and Powers: The new authority is expected to have greater resources and powers to carry out its duties effectively.
• Enhanced Supervision: Strengthened supervision of FIs and DNFBPs to ensure compliance with AML regulations.
• Improved International Cooperation: Demonstration of Monaco’s commitment to international cooperation and best practices.

Expertise in AML and Compliance

As a leading provider of corporate and regulatory services, DL Corporate & Regulatory has extensive expertise in AML and compliance matters. The firm has assisted numerous clients, including banks, asset management companies, and insurance firms, navigate the complex regulatory landscape in this area.