In a recent public session, Monaco’s National Council members advocated for a new law to ensure that all individuals and businesses have the right to open and maintain a bank account in the Principality. This initiative, presented as Bill No. 263, seeks to amend the existing Law No. 1.492 of 2020, which established the right to an account but has revealed limitations in practice.
Council member Christine Pasquier-Ciulla raised concerns about the current situation, citing numerous cases where residents or businesses had their accounts closed or faced difficulties opening one. “Who among us hasn’t heard someone say, ‘My bank decided to close my account overnight,’ or ‘I can’t open an account, no bank wants me,'” she said during the session.
The proposed amendments aim to address these challenges by introducing stricter deadlines for banks and creating an emergency procedure for those denied an account. This would allow individuals or entities to seek swift legal recourse, particularly when refusals are based on economic considerations rather than compliance with anti-money laundering regulations.
The bill, unanimously approved by the Council on Thursday, October 17, focuses on two key areas: ensuring that applicants can quickly appeal to the Budget and Treasury Department if a bank remains silent, and streamlining the process for challenging account closures or refusals. Under the new proposal, a bank’s failure to respond within 15 days will be treated as an implicit refusal, allowing applicants to immediately seek assistance from the Treasury.
Régis Bergonzi, rapporteur of the bill, emphasized the importance of making the right to an account more effective, stating that the bill would prevent banks from ignoring requests and would help ensure that everyone has access to essential banking services. “This law will help combat exclusion from economic and social life,” added Council member Nathalie Amoratti-Blanc, who highlighted the need for access to digital banking systems in today’s world.
The bill also addresses the issue of individuals becoming “homeless” in financial terms due to the lack of a fixed bank account, ensuring that even those with collective accounts or facing account closures can still access personal banking services.
Guillaume Rose, another Council member and the Executive Director General of the Monaco Economic Board, pointed out the need for clearer regulations, adding, “We cannot leave it to the banks to decide whether or not to take on an applicant.” Thomas Brezzo echoed this sentiment, urging the government to move quickly in transforming the bill into a finalised law, stressing that the issue affects everyone in Monaco and guarantees fundamental financial rights.
