Monaco’s National Council has approved new rules strengthening the right to a bank account, giving individuals and businesses a clearer route to act when banks fail to respond to applications…
Under the reform, applicants will no longer have to wait for a formal written refusal before taking further action. If a bank fails to respond to an account-opening request within 30 working days, the applicant will be able to approach the Budget and Treasury Department, which can then designate a banking institution.
The changes are intended to make Monaco’s right-to-an-account procedure more effective and prevent applicants from being left in limbo. The process will also be more tightly structured, with deadlines governing requests for necessary supporting documents and the processing of applications.
The National Council approved the measures during its latest public legislative session, alongside a second bill modernising the rules governing chartered accountants and auditors.
That reform clarifies their respective roles, strengthens professional independence to help prevent conflicts of interest and improves the presentation of group accounts. It also reinforces national priority, allowing suitably qualified Monegasque citizens to enter the profession regardless of the number of professionals already established.
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