We provided legal advice to a major Private Banking Group in connection with the organisation of business relationships with Monaco-based external asset managers (EAM) and external financial advisers. Such relationships are complex as they involve the bank, the EAM/external financial intermediaries and the end-client, located in different countries and subject to different legal rules. Under such business model it is important to clarify the respective roles of the bank and the EAM in servicing the end-client, in compliance with all applicable regulatory requirements to avoid risks regarding agency, AML delegations, regulatory and client liability. Such business structure also implies data transfers which must be comply with secrecy, data protection and fight against money laundering regulations.
Remi Delforge and Vincent de Bonnafos
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