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
Phoenix Compliance Essentials #6 Today’s Focus: Terrorist Financing Risks Associated with Nonprofit Organizations (NPOs) NPOs (such as associations, foundations, and NGOs) play a fundamental role in global humanitarian aid. However, their presence in politically unstable and often corrupt regions exposes them to the risk of exploitation by terrorist groups. The most commonly … Read more
Phoenix Compliance Essentials #5 Today’s Focus: The Hawala System, when money crosses borders without going through a Bank A major challenge for AML/CFT-P-C frameworks. Originating in India and China long before modern banking systems, hawala remains a discreet and effective channel for transferring funds without leaving a trace in official channels. … Read more
Phoenix Compliance Essentials #4 Today’s Focus: Cryptocurrency Payments, an opportunity to embrace with a structured approach Accepting cryptocurrency payments can: Attract a new generation of crypto-native HNWIs and UHNWIs Enhance your image as an innovative business Reduce costs and accelerate international payments However, this transition requires a robust strategic, legal, and operational … Read more
Phoenix Compliance Essentials #3 Focus of the Day: Sanctions in Monaco After exploring the inspections carried out by the AMSF in a previous post, today we turn to another key aspect of its supervisory role: sanctions. The main developments regarding sanctions, introduced by the regulatory changes of 30 September 2023, are as … Read more
Phoenix Essentials #2 Today’s Focus: Strengthening AML/CFT-P-C Supervision in Monaco The AMSF’s 2023 Annual Report (formerly SICCFIN) highlights the Authority’s increased supervisory efforts and enhanced controls under Law No. 1.362, reflecting Monaco’s ongoing commitment to addressing growing AML/CFT-P-C challenges. Two types of inspections: Document-based inspections : these inspections focus on three … Read more
Phoenix Essentials #1 New! We are launching “Phoenix Compliance Essentials,” a series of posts dedicated to key AML/CFT-P-C issues. Why this series? To provide factual and concise summaries. To present the latest news and regulatory developments To share best practices tailored to Monegasque professionals Today’s Focus: Suspicious Activity Reports An essential … Read more
