Monaco’s Long-Awaited AML Law Takes Effect: Strengthening Financial Supervision

On July 6, 2023, Monaco introduced law 1.549, a significant step towards bolstering its anti-money laundering (AML) regulations. This new legislation consists of 130 articles and marks the country’s efforts to align with Moneyval recommendations and adapt its regulatory framework accordingly.

Key Changes

• The Autorité Monégasque de Sécurité Financière (AMSF) takes over from the former Service d’Information et de Contrôle sur les Circuits Financiers (S. I. C. C. FIN.), assuming a more prominent role in supervising financial institutions and designated non-financial businesses and professions.
• The AMSF has been granted enhanced resources and powers, with three main areas of responsibility:
  • Financial intelligence unit
  • Supervision
  • Sanctions

Impact on Monaco’s AML Landscape

The introduction of this new law reflects Monaco’s commitment to ensuring a robust and effective regulatory environment. As experts in corporate and regulatory matters, DL Corporate & Regulatory is well-positioned to assist Monaco-based banks, asset management companies, and insurance firms navigate these complex requirements.

Expert Assistance

For more information on our AML compliance services, click [here](insert link). Our team of experts can help you understand the new law and ensure your organization remains compliant with the latest regulations.