Articles

2023 01 14 Arnaud ZABALDANOThe role of the CERC. The CERC is an advisory body commissioned by the Minister of State. It is made up of nine members (two government advisors, appointed as Chair and Vice-Chair of the CERC, two judges from the Court of First Instance and five individuals appointed by the Minister of State on account of their area of expertise). Its role is to review the audit reports produced by SICCFIN which highlight serious, repeated or systematic breaches attributable to an individual or organisation subject to such audits in violation of their due diligence obligations with regard to money laundering, terrorist financing and corruption. Following the proceedings, the CERC produces a report expressing an opinion on the alleged breaches and, where necessary, sends the Minister recommendations regarding sanctions, which can range from a warning to more severe penalties (a ban on conducting certain operations, a temporary suspension of functions, a temporary revocation of the right to operate and work permit, substantial monetary penalties, etc.).

2023 01 10 VDEFLaure CANAS DA SILVA, Head of Regulatory at Edmond de Rothschild Monaco, is also President of the recently created Monegasque Association for Sustainable Finance (AMFiD). A role of influence.

2023 01 10 CMSIn line with the European trend, the Principality of Monaco has established administrative authorities whose role is to assess breaches of certain financial laws committed by professionals and, when applicable, to propose or impose administrative sanctions. Those authorities include (i) the Audit Report Review Commission (“CERC”), created by Act N°1.462 of June 28, 2018 (for AML/CFT matters) and (ii) the Financial Activities Supervisory Commission (“CCAF”), created by Act N°1.338 of September 7, 2007 (for financial matters) but recently subject to reforms.

2023 01 10 Gerard Ohresser

On 13 December, the Edmond de Rothschild Monaco bank organised a conference on 2023 investment strategies. After having outlined the macroeconomic outlook, the heart of the matter was addressed. An opportunity to interview Mr. Gérard OHRESSER, Managing Director of Edmond de Rothschild Monaco.

2023 01 10 Silex

The blue economy is attracting increasing political and financial interest. The number of international summits integrating this issue is unprecedented. Last February, the World Ocean Summit organised in Brest (France) brought together over 30 countries, illustrating the awareness of the value of our common ocean heritage.

2023 01 05 CCINIn the world of data, data processing has become the ultimate sensitive subject, particularly when it comes to personal data. Agnès LEPAULMIER, Secretary-General of the CCIN, offers an update on how the Authority’s work is changing.

2023 01 03 Phoenix

In the era of digital transformation, supported by these two years of health crisis, Regulatory Compliance is being offered an unprecedented opportunity to become digital and thus an active player in the technological developments and innovations applicable to its functions. This is an essential turning point for the Principality and for all the institutions subject to the law.

2022 12 23 CMB Enfant FrankieIn the run-up to the festive season, CMB Monaco has decided to launch a vast operation to collect donations to support a Monegasque association dedicated to children. True to its values, Monaco's historic banking institution, which is concerned about the socially responsible dimension, especially at a time when the most vulnerable need support, sent an awareness letter to thousands of private and corporate contacts. It also mobilised all of its employees as part of an internal competition to donate a significant part of the costs associated with CMB Monaco's daily activities.

2022 12 22 SICCFINOn the effort to prevent money laundering, SICCFIN (Service d’Information et de Contrôle sur les Circuits Financiers) has been very busy with the MONEYVAL National Risk Assessment and the fallout from the conflict between Russia and Ukraine. We talk to Michel HUNAULT, the Director-General of the Principality’s anti-money laundering authority.

2022 12 21 GordonSBlairLaw 1.515 of 23rd December 2021, resulting from Bill 1.035 and amending law 1.338 of 7th September 2007 on financial activities in the Principality, came into force on 7th January 2022.

2022 12 21 CFM Musee OceanoThe renewal of the partnership with the Oceanographic Institute of Monaco demonstrates CFM Indosuez Wealth Management's desire to strengthen its commitment to protecting the oceans. Within the framework of this partnership, the Oceanographic Institute will continue to provide CFM Indosuez with its expertise in terms of blue economy and blue finance, in connection with the major challenges facing the oceans. The bank's clients will benefit from dedicated conferences and private visits to the Oceanographic Museum, and its employees will be able to take part in the projects carried out by the Oceanographic Institute as part of solidarity days.

2022 12 19 CCAFThe last months have been marked by a new law modifying and dusting off the law 1338 on financial activities voted in 2007. Magali VERCESI, Secretary General of the CCAF, details its effects.

2022 12 16 MetaversJérémy GENIN, Chief Investment Officer of Monaco Asset Management, discussed the monetisation of Metaverse at the META ENTERTAINMENT WORLD Summit in Monaco. The associations NFT, Blockchains, Cryptos and Meta World, not always relevant, blur the lines.

2022 12 14 ElMasri Serene Monaco

Impact investing, which has long been a niche segment confined to private equity, continues to gain ground – which is good news. This type of strategy is focused on companies that are committed to tackling the major environmental and societal challenges. The need to find solutions becomes more pressing with each day. The second piece of good news is that the more this issue becomes an established part of portfolios, the wider the range of opportunities grows, on both public and private markets.

2022 12 12 LoicChollet Verge

Digital transformation, optimization of e-commerce... the challenges of digitalization in the banking sector are not only technical, but also organizational and human. The Caisse d'Épargne has taken up the challenge. A cross-examination with Ms. Aurélie TRESPEUCH, Director of the Digital Academy at the Caisse d'Épargne Côte d'Azur, and Mr. Loïc CHOLLET-VERGÉ, Director of the Caisse d'Épargne Côte d'Azur branch in Monaco.

2022 12 09 cmb

The impact of Covid-19 on the digitalization of the banking sector has been decisive, both in Monaco and beyond, and for many an unexpected "crash course" in digitalization.