2025 Annual Report of the Financial Activities Supervisory Commission (CCAF)

On 23 September 2026, the Financial Activities Supervisory Commission (CCAF) published its 2025 Annual Report (in French, 46 pages, covering the year 2025 and certain events in early 2026), highlighting, against a backdrop of "growth in global financial markets, driven by moderate growth, falling inflation and cuts in key interest rates (....) persistent volatility linked to trade, financial and geopolitical uncertainties", that "the Monegasque financial centre remained on a positive trajectory" (Chairman’s Foreword, p. 5):

• At the end of 2025, Monaco had 98 institutions authorised by the CCAF (a slight increase from 92 at the end of 2024): 74 management companies (employing 552 people; main corporate shareholders from: European Union countries, the Americas, Switzerland, the United Kingdom, Monaco and others) and 24 credit institutions (employing 2,704 people; 12 branches of foreign credit institutions (France, Switzerland, the United Kingdom and Germany) and 12 Monegasque public limited companies ("SAM"));
  • 6 authorisations granted in 2025;
  • 8 inspections of authorised entities (6 management companies and 2 banking institutions) and 1 sanction procedure initiated in 2025;
• €178 billion in assets held with banks in Monaco (stable) as at 31 December 2025;
• €23 billion in assets managed from Monaco and held abroad as at 31 December 2025;
• 12.6 per cent increase in all activities authorised by the CCAF: €112.8 billion, of which €27.4 billion relates to discretionary asset management, €5 billion to the management of Monegasque funds, €8.5 billion for the management of foreign funds, and €72 billion for portfolio management advisory services;
• 24 exchanges of information with other regulators under cooperation agreements;
• CCAF’s efforts towards removal from the FATF’s grey list.

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Contents of the Report

Chairman's Foreword
The Financial Activities Supervisory Commission at a Glance
The Monegasque financial centre at the end of 2025
Developments in the financial centre in 2025
Overview of authorised entities
Number of authorised entities
Trends in business activities
Status and trends of management companies
Characteristics of management companies
Trends in the business activities of management companies
Status and trends of credit institutions
Characteristics of credit institutions
Trends in the business activities of credit institutions
Status and trends of Monegasque funds
Open-ended funds
Reserved funds
CCAF's activity in 2025
Authorisation and approval decisions
Management companies and credit institutions
FOCUS Conducting financial business in Monaco
Mutual funds and investment funds
FOCUS Setting up a Monegasque fund
Documentary and on-site inspections
Inspections carried out on management companies and credit institutions
FOCUS: Overhaul of periodic reporting requirements
Emergency measures and sanctions
FOCUS: The Commission’s power to impose sanctions
Active participation in external committees
Professional Certification Commission under Law 1.338
AML/CFT-C Professional Certification Commission under Law 1.362
Coordination and Monitoring Committee for the National AML/CFT-P-C Strategy
International relations in 2025
The framework for international cooperation
Consolidated supervision
Financial market supervision
The International Organisation of Securities Commissions
International investigations
The Francophone Institute for Financial Regulation
The Network of Central Banks and Supervisors for Greening the Financial System
Regulation of financial activities
Financial activities
Financial activities
Scope of authorised activities
Conduct of activities
FOCUS: Internal control
Account-keeping and custody
UCITS
Different types of funds
Regulatory information for unit-holders
FOCUS: Regulatory reporting
Appendices
Appendix 1 Members of the Commission as at 31 December 2025
Appendix 2 The General Secretariat as at 31 December 2025
Appendix 3 Applicable financial regulations
Appendix 4 Authorised entities as at 31 December 2025
Appendix 5 Authorised open-ended funds as at 31 December 2025
Appendix 6 Glossary

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Source: 2025 Annual Report (in French) on the CCAF official Website > https://ccaf.mc/rapport-annuel-2025-de-la-ccaf/