The long-awaited Ordinance implementing Law 1.403 on Anti-Money Laundering (“AML”) has been released on 29 April 2021. This Ordinance introduces certain substantial changes in Monaco AML framework and increases AML obligations for Monaco AML-regulated entities . To complete this extensive framework, SICCFIN – the Monaco AML regulator – will publish guidelines on the new law and compliance obligations expected early July 2021.
MONEYVAL representatives will visit several Monaco entities (large and small banks, asset management firms, law firms, etc.) to assess the level of understanding and compliance with AML obligations – please see our update on this matter here. Consequently, for entities subject to AML obligations, a 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.
For many years, DL Corporate & Regulaory has been advising on and 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.