Risks & Compliance AML/CFT-P-C
Our expertise in Risks & Compliance AML/CFT-P-C in Monaco
99 AVOCATS supports professionals in the fight against money laundering, the financing of terrorism and proliferation of weapons of mass destruction, and corruption (AML/CFT-P-C), tailored to the specific needs and challenges of different sectors of activity.
Our team is involved in all stages of the AML/CFT-P-C process:
- Assessment of the compliance of existing AML/CFT-P-C systems;
- Development, updating, and revision of internal procedures and risk mapping;
- Awareness-raising and training for managers and employees;
- Advice and operational support in the implementation of AML/CFT/PC obligations;
- KYC assistance;
- Assistance during inspections by the Monegasque Financial Security Authority (AMSF);
- Management and monitoring of remediation plans;
- Representation and assistance in AMSF sanction proceedings;
- Advice and criminal defense, in conjunction with our Criminal Law Department, in the event of proceedings related to a breach of compliance obligations.
Monaco Law
AML/CFT-P-C compliance in Monaco
Compliance is a constantly evolving discipline that aims to help companies, regardless of their activities and size, to comply with the laws and regulations that apply to them. This involves navigating a complex legal landscape and organisational logic. Compliance is an ongoing process.
Compliance encompasses a wide variety of rules (both "hard law" and "soft law"): national legal and regulatory rules, international standards, market rules, codes of conduct and professional standards (such as ISO (International Organisation for Standardisation) or AFNOR (French Standardisation Association) standards)
At the heart of compliance is the need for companies to put in place policies, procedures and internal control systems to ensure that they comply with all applicable laws and regulations.
Monegasque law implements legal provisions equivalent to those of European Union acts, which are aligned with the FATF Recommendations, pursuant to Annex B of the said Agreement, in the fight against money laundering, the financing of terrorism and the proliferation of weapons of mass destruction, and corruption.
Compliance with Law No. 1.362 on combating money laundering, the financing of terrorism and the proliferation of weapons of mass destruction and corruption, as amended, and its implementing Sowereign Order No. 2.318 of 3 August 2009, as amended, includes, in particular, due diligence obligations (KYC and beneficial owners, KYT, etc.), organisational (procedures and internal control, awareness-raising and training, etc.), reporting to the Monegasque Financial Security Authority (AMSF) (STRIX questionnaires, goAML suspicious activity reports), but also in terms of targeted financial sanctions (TFCs).
Indeed, Monaco takes measures to freeze funds and economic resources necessary for the application of economic sanctions decreed by the United Nations, the European Union, France or another State which are intended to ensure compliance with norms and principles enshrined in public international law, in particular human rights, democracy, international peace and security (Sovereign Order n° 8.664 of 26 May 2021 as amended). TFCs compliance is closely linked to AML/CFT-P-C compliance.pa