Prevention of money laundering and financing of terrorism

Sovereign Order No. 7.065 of 26 July 2018 amending Sovereign Order No. 2.318 of 3 August 2009 amended, setting the conditions for application of Act No. 1.362 of 3 August 2009, amended by Act No. 1.462 of 28 June 2018 reinforcing the anti-money laundering, financing of terrorism and corruption mechanism (EU’s Fourth Anti-Money Laundering and Financing of Terrorism Directive).

• Definitions

• Know Your Customer (KYC)

• Data protection and storage of documents

• Identification of clients and beneficial owners by third-parties

• Simplified due diligence

• Enhanced due diligence for Politically Exposed Persons

• Due diligence with regard to business relations

• Compliance Officer (designation and role)

• Monaco Financial Intelligence Units (SICCFIN)

• Monitoring reports

• Suspicious activity report

• Electronic wire (mandatory Information)

• Specific provisions for groups

• Liaison Committee and contact group

• Cross-border transport of cash and bearer instruments

• Procedure before the Advisory Commission (proposals for penalties)

• Register of beneficial owners

• Declaration of cross-border transport of cash and bearer instruments of a total value of more than € 10.000

 

 
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