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Monaco Anti-Money Laundering Saga: New Independent Financial Unit  

By August 9, 2023September 7th, 2023AML, Monaco News

The awaited law 1.549 of 6 July 2023 has now come into force! With 130 articles this law is part of Monaco’s efforts to comply with Moneyval’s recommendations and adapt the Monaco regulatory framework accordingly.

The former Service d’Information et de Contrôle sur les Circuits Financiers (S.I.C.C.FIN.) becomes an independent administrative authority renamed as  “Autorité Monégasque de Sécurité Financière” – “AMSF”.   With the change of name come changes in attributions in order to strengthen the supervision of financial institutions (FIs) and designated non-financial businesses and professions (DNFBPs). The AMSF will be vested with greater resources and means. Its missions are divided into three main areas:

  • financial intelligence unit
  • supervision
  • sanctions

DL Corporate & Regulatory has significant expertise in AML and a long track record in assisting Monaco banks, asset management, insurance companies in their efforts to comply with changing and complex regulatory requirements in this sensitive matter. To find out more about the services we provide in this area, click here.