Fight against money laundering : Monaco strengthens its regulations

Posté mer 20/12/2000 - 00:00
Par admin

The banking sector of Monaco strengthens its regulations after being strongly critized by many international reports published last June (see the article 'Blanchiment d'argent sale : Monaco sur la sellette'. The banks' Association of Monaco has just enacted new recommendations to Monaco's credit institutions as far as the fight against laundered money is concerned. These measures concern particularly the identification of customers, the fact to know a customer and his transactions, the storage and updating of documentation, the declaration of suspicion, the internal control and the staff training.In a press release, the Association underlines that 'most European banking markets enacted similar regulations and we can say that requests that are imperative for banks established on the principality are not excluded under no circumstances in relation to the international practices on the matter.'The full document can be consulted on the official website /">

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