Legal company Delforge Law has cast light on the provisions of Monaco’s awaited law 1.549 of July 6, 2023, which is part of Monaco’s efforts to comply with Moneyval’s recommendations and adapt the Monaco regulatory framework accordingly.
The law has 130 articles, the law company says.
The former Service d’Information et de Contrôle sur les Circuits Financiers (SICCFIN) becomes an independent administrative authority renamed Autorité Monégasque de Sécurité Financière – “AMSF”.
With the change of name come changes in attributions in order to strengthen the supervision of financial institutions (FIs) and designated non-financial businesses and professions (DNFBPs). The AMSF will be vested with greater resources and means. Its missions are divided into three main areas: financial intelligence unit; supervision; and sanctions.
DL Corporate & Regulatory has significant expertise in AML and a long track record in assisting Monaco banks, asset management, insurance companies in their efforts to comply with changing and complex regulatory requirements in this sensitive matter, the firm says.
FILE PHOTO: Council of Europe’s Moneyval teams at a meeting in Warsaw