We assisted a major Monaco Private Bank to structure its activities as a depositary bank for Luxemburg and Ireland life insurance companies. This expanding area for Monaco custodians poses complex contractual and regulatory issues, in particular regarding AML requirements. We adapted the Bank’s contractual documentation and collaterals and coordinated with foreign insurance regulators to ascertain compliance with depositary and other regulatory obligations as well as preparing tailored B2B and B2C contracts, such as assignment agreements.
Remi Delforge – Vincent de Bonnafos
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