The National Council has approved a proposed law that would enable anyone living or running a business in Monaco to open a bank account.

Balthazar Seydoux, chairman of the Finance and Committee, told the Tuesday meeting of the National Council that
being able to open a bank account is a basic right. “No one can really live without a bank account, both privately, and for professional activities,” he said.

Fabrice Notari, on behalf of the Finance Committee, added: “The planned reform will have a concrete impact on the daily life of our compatriots, residents and businesses.”

Council President Stéphane Valeri strongly supports the proposal: “”Some residents, often on the lowest incomes, were sometimes denied the right to open an account in local banking establishments,” he said, adding that the banks have found that managing lower-income clients has been unprofitable.

Young entrepreneurs and start-ups have often found that banks in Monaco refuse to open an account for them, a situation that the bill intends to change.

PHOTO: The National Council in session