On Monday 5th July, under the chairmanship of the Government Councillor-Minister of the Department of Finance and the Economy, Mr Jean CASTELLINI, a protocol was signed at the Ministry of State with the aim of organising and modernising the control missions carried out by SICCFIN's inspection teams within financial institutions.
Mr Etienne FRANZI, Chairman of the AMAF, and Mr Michel HUNAULT, Director of SICCFIN, therefore ratified the protocol.
"The Covid crisis accelerated the implementation of this new framework. We cannot ignore the evolution of the work of professionals during a pandemic: teleworking, modernisation of transmissions, etc. We have tried, in the midst of difficulties, to make the most of it," explains Michel HUNAULT. "The trusting relationship between SICCFIN and AMAF is based on mutual requirements," he concluded.
The Monegasque financial centre is particularly involved with SICCFIN in the fight against money laundering and terrorist financing. "Our attractiveness is at stake", underlines Mr Etienne FRANZI. "The association has therefore fully endorsed Mr Michel HUNAULT's proposal to update the terms and conditions of on-site controls, the last version of which dates back to June 2012. These controls are the essential elements of the anti-money laundering measures that allow us to ensure that each establishment has the most effective means in the perpetual race between the launderers' arrow and the institutions' shield."
Mr Emmanuel MONTIGAUD, President of the Monegasque Association of Compliance Officers (AMCO), welcomed the close relationship between his association and the AMAF, which allowed practitioners to shed light on difficult issues.
The main changes in the text concern data exchange and the definition of the main documents and information required for the proper conduct of on-site inspections. It is also a perfect demonstration of the excellent relations between La Place and the supervisory authorities. This collaboration is moreover underlined by the Minister Counsellor Mr. Jean CASTELLINI: "I would like to salute the quality of the work and the state of mind that now animates the daily life of the regulator, the supervisor, and the subjects of the banking profession. This state of mind has been demonstrated in the work of the National Risk Assessment, soon to be finalised. There is no doubt that it will also animate us in the perspective of the MONEYVAL evaluation and that we can count on the support of the AMAF. Today's agreement ensures that we speak with one voice and pursue the same interests."