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Regulatory

Monaco

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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28 March 2019
Get­ting The Deal Through
Bank­ing Reg­u­la­tions
30 August 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.
29 August 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 for tax mat­ters between Monaco and re­port­able jur­is­dicti
17 July 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 leg­al en­tit­ies in the Prin­cip­al­ity.
29 June 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.
23 May 2018
Get­ting The Deal Through
Bank­ing Reg­u­la­tion 2018
12 February 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.
08 February 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 Star­tUp Pro­gram”.
30 January 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 by the AC­PR.
30 November 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 con­cluded by Monaco and the European Uni­on of Novembe
15 October 2017
A fu­ture Mone­g­asque right to a bank­ing ac­count?
As a co­rol­lary of the phe­nomen­on of the de­ma­ter­i­al­iz­a­tion of way of pay­ments and mon­et­ary ex­changes, the bank­ing ac­count has be­come a per­son­al and pro­fes­sion­al cru­cial need. Yet, it ap­pears that the num­ber of ac­count open­ing’s re­fus­als is clearly in­creasi
14 March 2016
Bank­ing secrecy : what you need to know
In the Septem­ber 2015 edi­tion of L’Ob­ser­vateur de Monaco, Olivi­er Mar­quet ex­plains some key as­pects of Mone­g­asque law on bank­ing secrecy.