6. Phoenix Essentials

Phoenix Compliance Essentials #16 Today’s focus: cash payments, when complying with thresholds is no longer enough in AML/CFT-P-C. In Monaco, cash payments are permitted but represent a high-risk factor from an AML/CFT-P-C perspective. 1️⃣ Applicable regulatory framework 👉 Any cash transaction of EUR 10,000 or more, including where it is structured into multiple transactions, requires … Read more

Phoenix Compliance Essentials #15 Today’s focus: “smurfing”, a money laundering method still widely used today. ➡️ What is it? Smurfing is one of the money laundering methods described in international ML/FT-P-C typologies. It consists of breaking down illicit funds into multiple transactions carried out by several coordinated accomplices, known as “smurfs”, in order to remain … Read more

Phoenix Compliance Essentials #14 Today’s focus: ML/FT-P-C risks in the yachting sector An attractive industry, high-value transactions and international stakeholders: the yachting sector is particularly exposed to ML/FT-P-C risks. ➡️ A structurally exposed sector: In Monaco, the yachting sector is subject to AML/CFT-P-C obligations. Several factors explain its increased exposure to ML/FT-P-C risks: – The … Read more

Phoenix Compliance Essentials #13 Today’s focus: gatekeepers – key players or the weak link in AML/CFT-P-C? What if intermediary professionals found themselves at the heart of money laundering schemes? Depending on their practices, these professionals may knowingly or unknowingly contribute to the introduction of illicit funds into the financial system. Their role is therefore central. … Read more

Phoenix Compliance Essentials #12 Today’s focus: AMLA, the new European AML/CFT authority In June 2024, the European Union officially adopted the AML Package, including the creation of the Anti-Money Laundering Authority (AMLA), headquartered in Frankfurt. Since mid-2025, AMLA has been in its deployment phase, with a gradual build-up of its responsibilities until 2028, when it … Read more

Phoenix Compliance Essentials #11 Today’s focus: the Egmont Group ➡️ Established in 1995, the Egmont Group is now one of the world’s largest operational cooperation networks in the field of AML/CFT. Originally composed of 24 Financial Intelligence Units (FIUs), it now brings together 182 FIUs worldwide. ➡️ Its mission is to facilitate the secure exchange … Read more

Phoenix Compliance Essentials #10 Today’s focus: virtual currencies and money laundering – the BTC-e case ➡️ Cryptocurrencies have created new opportunities by enabling fast, decentralised and globally accessible payments. However, these advantages also come with vulnerabilities in terms of compliance and AML/CFT-P-C. ➡️ In their early days, many cryptocurrency exchanges operated without a proper regulatory … Read more

Phoenix Compliance Essentials #9   Today’s focus: money laundering risks in the art sector   ➡️ In Monaco, the art market plays an active role in the economy. Due to certain characteristics, this sector is particularly exposed to money laundering and terrorist financing risks.   Several factors explain this heightened exposure:   – The prevalence … Read more

Phoenix Compliance Essentials #8   Today’s focus: FATF & MONEYVAL – understanding the key players in AML/CFT-P-C   ➡️ The FATF (Financial Action Task Force), established by the G7 in 1989, is the leading intergovernmental body in the fight against money laundering, terrorist financing, proliferation financing and corruption.   It develops the 40 Recommendations, which … Read more

Phoenix Compliance Essentials #7   Today’s Focus: the EU’s 17th package of targeted financial sanctions against Russia   New measures and the shadow fleet: an update on an unprecedented initiative.   – What are targeted financial sanctions?   They are intended to restrict access to economic resources for individuals or entities that pose a threat … Read more