Dispute with regulators / Disciplinary disputes

Monaco’s regulatory authorities have been handed greater powers in recent years, intensifying controls on financial professionals, and in some cases financial or disciplinary sanctions. Details of sanctions can be made public, generating a significant reputational risk for private players.

Our firm also assists banks and asset managers with the following disciplinary procedures:

• In the field of anti-money laundering:
  •  During on-site inspections carried out by Monaco’s authorities to verify compliance with AML obligations
  • During subsequent disciplinary proceedings brought by the CERC (Audit Report Review Commission, still active in 2024), which has now been replaced by the AMSF (Monegasque Financial Security Authority).
• Banks and asset management firms are also subject to investigations and audits by the CCAF (Monaco’s Financial Activities Supervisory Commission). We assist our clients at every stage of the proceedings.
• We also represent clients with the CCIN (Monegasque Data Protection Authority), which has powers to impose sanctions for breaches of data protection laws.

The firm’s roles in this area include:

• assisting clients during inspections and audits conducted by the regulator
• maintaining close dialogue with local regulators, with whom we have very regular dealings
• supervising administrative procedures
• appealing against decisions