Legal Environment
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BSI, founded in 1987 in Monaco, specialises in wealth management. It benefits from longstanding experience, professional competence and the BSI Group’s international contacts. Meet Umberto Alonzo, Managing Director.
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Marc Casanova, having taken over from François Poher, is now the new president of AMCO, the Monegasque Association of Compliance Officers. The current Secretary General of Banque de Gestion Edmond de Rothschild in Monaco, he has spent the best part of his career in the banking sector...
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The financial statements of a firm or a group are a major part of its financial communication. But, the rules determining the presentation of these financial statements may vary whether they are international (International Financial Reporting Standards – IFRS) or local (e.g. US GAAP, French norms, UK GAAP etc…). Though, we could identify a global use of the IFRS in most of the industrialized and emerging countries, what about Monaco, a major financial platform, where accounting rules are not well known?
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The Monegasque banking and financial marketplace, renowned for its conscientious approach and strict confidentiality, has adopted tough ‘know your customer’ legislation. The Act stipulates that the banks and other professionals covered by it must carry out customer checks.
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Since February the Financial Action Task Force (FATF) has adopted 40 new recommendations. The aim of this review is to update and strengthen the framework of recommendations in response to the new dangers that threaten the international financial system.
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AMCO, the Association Monégasque des Compliance Officers, was founded in 2000 under the auspices of the Monaco Bankers Association - which has since become the Monegasque Association for Financial Activities (Association Monégasque des Activités Financières - AMAF) - and the Department for Information and Control of Financial Circuits (Service d’Information et de Contrôle sur les Circuits Financiers - SICCFIN). The President of AMAF and the Director of SICCFIN are honorary members.
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Ethics concern more than the money markets. Compliance officers ensure that their banks or management companies offer unimpeachable services. Presentation.
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Ensuring compliance with regulations, but also promoting the attractiveness and high quality of the financial market: these are the goals of the Commission.
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The Service for Information and Control of Financial Circuits (SICCFIN) was founded 17 years ago, and its missions have been extended by the new law on the fight against money laundering, terrorist financing and corruption, voted in 2009.
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Conciliation, mediation and arbitration in financial disputes
Alternatives modes of settlement of disputes between banks and their clients could be an advantage for the development of the financial market.
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A corner stone of common law is that a person may broadly speaking leave his or her assets to whomever he or she wishes. Monaco, however is a civil law jurisdiction that applies the rules of forced heirship.
