Although Monaco is not a member of the EU, certain specific European rules can apply on the Principality’s territory either through a legal mechanism or de facto. The 2016/679 regulation on data protection, known as GDPR, would appear to fall in the second category. There is for the time being no legal mechanism to incorporate the GDPR in Monaco Law. However, from a practical perspective, the regulation will apply to the collection and processing of data of European residents.
Consequently, it is likely that in practice Monaco entities, such as banks in the Principality, will have to consider and apply the GDPR to their European clients.
This is a subject to take into account in implementing Data Protection and Privacy policies in the near future as the GDPR comes into force in the EU on May 24th 2018.
Mélanie Manas / Rémi Delforge