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 tool in the fight against money laundering and terrorist financing. Suspicious Activity Reports help identify suspicious transactions and prevent AML/CFT-P-C-related offenses.
Here are the key trends from the AMSF’s 2023 Activity Report:
- A significant increase in Suspicious Activity Reports
In 2023, Monaco’s Financial Intelligence Unit (FIU) received 1,199 Suspicious Activity Reports, a 30% increase compared to 2022.
- Sectors increasingly affected
Financial institutions remain the primary contributors, accounting for 73% of reports. However, certain non-financial sectors have seen a marked increase compared to 2022.
- More professionals cooperating with the AMSF
The law of July 6, 2023, expanded reporting obligations to include notaries and bailiffs, thereby strengthening the AML/CFT framework.
- Enhancing knowledge
Training and awareness-raising remain priorities to ensure more relevant and effective reports.
- A constantly evolving framework
The increase in STRs in 2023 reflects growing awareness and a strengthened supervisory framework.
Source: The data presented is taken from the AMSF’s 2023 Annual Activity Report, available here: https://lnkd.in/dJFvDsK5
