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New Monaco AML-CFT law finally adopted

By July 13, 2018July 16th, 2018Monaco News

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.

François Poher