Monaco's financial marketplace dates back to the end of the nineteenth century, when the first deposit banks opened in the Principality. Most of these banks were French.
However, the financial industry did not really take off until the 1970s, when expansion was stimulated by an imaginative and active policy on the part of the public authorities and by the effect of a long period of economic growth and political and social stability.
Today, Monaco has a very extensive banking network, comprising around forty full service banks. The banking and finance industry is now one of the strengths of the Principality’s economy. It is:
The total asset has been multiplied by 3 in 15 years.
Monaco's continued attraction as a financial center is not surprising in light of its wide range of exceptional advantages that include:
- high quality infrastructure and dedicated professionalism,
- a diversified economic base,
- an attractive tax regime.
All of the banks operating in Monaco belong to leading banking groups.
70% of the industry's assets belong to non-resident clients from across Europe and sub-Saharan Africa, the Middle East, Latin America and Asia-Pacific.
Under various agreements between France and Monaco, Monegasque banks are supervised by the Prudential Supervisory Authority (Autorité de Contrôle Prudentiel - ACP) and are therefore subject to the same prudential and regulatory rules as French banks. All supervisory activities are, of course, strictly regulated, which guarantees the confidentiality of transactions carried out by financial institutions in Monaco.
The industry provides a full range of private banking products and services, as well as a personalized approach to a highly demanding clientele.
More importantly, it guarantees the confidentiality of "clean" money (see section below on "Confidentiality and the Drive Against Money Laundering").
It also provides access to mutual fund management through a very broad array of investment funds covering every business sector and markets, including emerging markets.
AMAF is an associate member of the European Banking Federation, the united voice of banks established in the European Union and European Free Trade Area.