New conditions for financial institutions
Sovereign Order no. 9.223 of April 28, 2022 amending Sovereign Order no. 2.318 of August 3, 2009, published in the Journal de Monaco of May 6, 2022, clarifies the provisions of Article 27 of law no. 1.362 as amended. The provisions of this ordinance will come into force on December 6, 2022.
For Monegasque financial institutions (bodies referred to in numbers 1 to 3 of Article 1 of the law)
Specified requirements in terms of qualifications and professional skills
The AML/CTF Managers of these establishments must :
- hold a degree (Bac +4) in banking, finance, economics or law, or
- provide proof of experience acquired in one of these fields, following a period of professional practice deemed sufficient by the institution’s effective management body.
A new professional certification in compliance
The LCB/FT-C managers of these establishments, and the people under their authority, will be required to obtain a “LCB/FT-C” professional certification following a training course organized by AMAF.
Enrolment for this training must be completed within 6 months of taking up the post (an extension may be granted by AMAF on request).
The number of registrations is limited to 2 per person.
Certification will be awarded following a knowledge test, and will be jointly approved by AMAF and SICCFIN.
Examination procedures will be set out in regulations to be published on the AMAF website.
A grandfather clause
Individuals who have been in uninterrupted service for at least 5 years as of May 6, 2022 are not subject to the two obligations described above. Those with less than 5 years’ continuous service on May 6, 2022 will be required to register for the first certification session.
For all other persons
Training is open to independent candidates. Within the limits of available places, and on the advice of a committee set up for this purpose, any other candidate may register for training sessions.