REGULATORY FRAMEWORK AND SUPERVISORY AUTHORITIES IN MONACO

 
The Principality of Monaco has a precise, rigorous and modern regulatory framework that governs the activities of the stakeholders within its banking and financial sector.
This regulatory system and the Monegasque banking legislation, which apply to credit institutions based in Monaco, are strict and comparable to the best international and European standards. They combine to provide a high level of security and protection to clients and investors using the services of institutions active within the Principality.
The activities of Monaco-based credit institutions, such as ANDBANK MONACO SAM, are thus directly supervised by various regulators and supervisory authorities.

  • The issuance of banking licenses and the supervision of banking activities are provided by the Autorité de Contrôle Prudentiel et de Résolution (ACPR: Prudential Supervision and Resolution Authority).
  • Investment activities (order receipt / transmission, investment advice, management under discretionary mandate and management of collective instruments) as well as the protection of the investor fall within the competence of the Commission de Contrôle des Activités Financières (CCAF: the Commission for the Control of Financial Activities), the Monegasque supervisory authority that issues approvals and supervises these activities;
  • The fight against money laundering and the financing of terrorism and corruption is governed by the Monegasque legislation which complies with the strictest standards, whose observance is monitored by various international organisations (GAFI, Moneyval, Greco, etc.). This matter is under the control and supervision of the Monegasque local regulator, the Service d’Information et de Contrôle sur les Circuits Financiers (SICCFIN – see below);
  • The protection of personal information, especially of clients, is placed under the authority of the Commission de Contrôle des Informations Nominatives (CCIN), an independent Monegasque administrative authority for the protection of personal data.

In addition, the protection of client and investor deposits is also enhanced by ANDBANK MONACO SAM’s membership of the Fonds de Garantie des Dépôts et de Résolution (FGDR – see below)

Finally, there is an obligation in the Principality to respect professional secrecy, which applies to the banking sector, under the penalty of criminal sanctions in the case of infringement (Article 308 of the Penal Code).