MONACO’S FINANCIAL MARKETPLACE
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- Monaco’s financial marketplace dates back to the end of the nineteenth century, when the first deposit banks opened in the Principality. Most of these banks were French. Today, Monaco has a very extensive banking network, comprising around forty full service banks (belonging to leading banking groups), and fifty portfolio or mutual fund management companies
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- Strictly regulated, the banking and financial
industry is now one of the strengths of the Principality’s economy. It is
prosperous, robust, strictly regulated, professional, and internationally
recognised.
Under various agreements between France and Monaco, Monegasque banks are supervised by the “Resolution and Prudential Supervisory Authority” (Autorité de Contrôle Prudentiel et de Résolution- “ACPR”) and are therefore subject to the same prudential and regulatory rules as French banks. All supervisory activities are, of course, strictly regulated, which guarantees the confidentiality of transactions carried out by financial institutions in Monaco.
Asset management companies are approved and controlled by the” Commission de Contrôle des Activités Financières” (CCAF), which is supported at the highest level by the Autorité des Marchés Financiers (AMF), the French market regulator.
- Strictly regulated, the banking and financial
industry is now one of the strengths of the Principality’s economy. It is
prosperous, robust, strictly regulated, professional, and internationally
recognised.
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- Managers and employees of financial institutions operating in the Principality are bound by the rules of professional secrecy. This commitment is designed to protect customers’ interests and create the confidence required for the banking and financial sector to operate effectively.A breach of these rules may be prosecuted under the provisions of Article 308 of the Penal Code. As in all countries with an organized financial system, professional secrecy does not apply to information requested by the financial industry’s supervisory and money laundering authorities (see below), who themselves are bound by secrecy rules, or by local legal authorities involved in a criminal investigation. Furthermore, according the terms and conditions of international agreements concluded by the Principality, this professional secrecy does not apply.
(Source: amaf.mc)