On July 5th, a protocol was signed between the AMAF (Monaco Association for Financial Activities) and the SICCFIN – the Monaco AML Agency – to reassess SICCFIN’s audit methods (“missions de contrôle”) in credit institutions.
In line with its commitment to fight money laundering, corruption and terrorism financing, the Government of the Principality of Monaco is currently undergoing its second National Risk Assessment (NRA2) in view of the forthcoming MONEYVAL evaluation.
For entities subject to AML obligations, preparation and training of their staff as well as an update of internal procedures is recommended to avoid a negative impact on the evaluation of the Principality. Lack of training and updating of internal procedures which are legal obligations under Monaco law may also lead to administrative sanctions. Learn more here.
For many years, DL Corporate & Regulatory has been advising on, preparing internal procedures and providing onsite training sessions to major financial, banking and insurance institutions as well as to Monaco professionals concerned by AML-CFT obligations. Do not hesitate to contact us on this matter.