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The 2008 global financial crisis caused European and national authorities to rush to regulate the banking and finance sectors. In recent years, a body of soft law has emerged that is supervised by a range of regulatory authorities responsible for ensuring compliance.

It has become increasingly difficult for banks and financial institutions to identify and comply with their statutory and regulatory obligations, even more so in Monaco where operators are subject to legislation and regulations from multiple sources, which often complement each other but sometimes compete with each other.

While Monegasque rules have remained quite stable, French and European texts applicable in Monaco can raise very specific issues.

Our banking and finance team has sound expertise in understanding and resolving the issues that are inherent to the unique architecture of Monaco's banking and finance regulations.

Our expertise covers all the regulatory matters that operators will encounter on Monaco's financial market: banking agreements between France and Monaco, monetary agreements between Monaco and the European Union, banking monopolies, bank secrecy and its implications at group level, relations between a Monegasque bank and its parent company, the SEPA agreement, anti-money laundering and anti-terrorist financing measures and personal data protection.

We also offer our clients training sessions and presentations in response to a specific need or as part of their legal & regulatory monitoring policies.


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12/05/2021
THE REGULATION OF FINANCIAL ACTIVITIES TO BE MODIFIED SOON
The project of a legislation N.1035, amending the law N.1.338 of September 7, 2007 on financial activities has now been officially published. This project was indeed submitted on April 30th, 2021 on the...
04/05/2021
AMENDMENTS TO THE EU-MONACO MONETARY AGREEMENT
The Sovereign Ordinance No. 8.600 of April 1st, 2021 has amended the annexes A and B of the monetary agreement concluded between the Principality of Monaco and the European Union on November 29th, 2011.Fourteen...
28/03/2019
Getting The Deal Through
Olivier Marquet and Michael Dearden re­cently authored Monaco Chapter of Getting The Deal Through 2019 about Banking Regulation.This volume in the Getting the Deal Through series provides an overview...
30/08/2018
CRS
As part of the CRS reporting obligations, the list of reportable jurisdictions and partner jurisdictions has been updated by Ministerial Decree n°2018-788 of 31 July 2018.The following countries have...
29/08/2018
CRS – Monaco’s data protection authority, CCIN, issues a favourable opinion...
In a decision dated 20 June 2018, the Commission de Contrôle des Informations Nominatives (CCIN) confirmed that data processing carried out for the purposes of the “automatic exchange of information...
17/07/2018
Monaco introduces new measures to fight money laundering, terrorist financing...
Law No.1,462 on the fight against money laundering, terrorist financing and corruption was published on 6 July 2018. Its provisions came into force on 7 July 2018 and are applicable to individuals and...
29/06/2018
ACPR discussion paper on managing and processing IT risk
France’s Prudential Supervision and Resolution Authority, the ACPR, published a remarkable paper in March this year looking at the management and processing of IT risk by credit institutions.The paper...
23/05/2018
Getting The Deal Through
Olivier Marquet, Stephan Pastor and Michael Dearden recently authored Monaco Chapter of Getting The Deal Through 2018 about Banking Regulation.This Chapter provides provides an overview of the regulations...
12/02/2018
The conclusion of a contract electronically
The e-commerce is governed by the law on the digital economy n° 1.383 of August 2nd, 2011 published in the Monaco Journal of August 12th, 2011.Pro­fes­sion­als have since been waiting for sovereign orders...
08/02/2018
Pass StartUp Program and MonacoTech incubator
With the purpose of providing a legal framework for the Start-ups’ integration within the “MonacoTech” incubator / accelerator, the Monegasque government has created a new legal status: the “Pass...
30/01/2018
Amended procedure for the communication of information to the ACPR
The Instruction No 2017-I-24 was published on December 26th, 2017. This instruction summarizes the information to be provided under the various regulatory texts applicable to credit institutions supervised...
30/11/2017
The draft Bill of modification of the AML Monegasque regulation has been...
The directive 2015/849 of May 20th, 2015, called 4th anti-money laundering directive has been integrated, by sovereign order No. 5.713 of February 8th, 2016, in the Appendix B of the Monetary Agreement...