The new Monaco AML-CFT law has been adopted and published.
The law transposes the 4th UE directive on AML-CFT. It also addresses the issues raised by the Moneyval evaluation report in 2013.
Among major changes are :
- New administrative sanctions applicable both to entities and members of top management or control functions (e.g. CEO, COO, board members, MLRO, CRO etc… );
- Financial institutions exposed to fines up to 10 % of worldwide income for consolidated groups;
- List of predicate offenses for AML-CFT enlarged, now encompassing all offences sunctioned by more than one year imprisonment (vs three years before);
- Reversal of burden of proof when certain circumstances or facts are gathered.
DL Corporate & Regulatory will be pleased to assist and ensure compliance with the new law requirements, update your AML-CFT internal procedures including offering special training programs to employees and management teams.