The Service d’Information et de Contrôle sur les Circuits Financiers is the national central authority responsible for collecting, analyzing and disseminating information related to the fight against money laundering, terrorist financing and corruption.
Analyzing suspicious transaction reports
The Service d’Information et de Contrôle sur les Circuits Financiers (SICCFIN) is responsible for receiving, analyzing and processing declarations sent by the organizations and persons covered by Article 1 and point 3 of Article 2 of Act 1362 of 3 August 2009.
The SICCFIN shall examine the declarations and to this end may request any additional information from:
- any organization or person described in Articles 1 and 2 of Act 1362 of 3 August 2009 ;
- police departments, in particular concerning information of a legal nature ;
- other State Departments ;
- the Public Prosecutor ;
- national organizations carrying out monitoring activities.
If this examination brings to light serious evidence of money laundering, terrorist financing or corruption, the Department shall establish a report which it will then send to the Public Prosecutor, accompanied by any relevant documents, with the exception of the declaration itself which must under no circumstances be included in the exhibits, subject to the sanctions laid down in Article 308 of the Criminal Code.
If, due to the seriousness or urgency of the case, the Service d’Information et de Contrôle sur les Circuits Financiers considers it necessary, it may oppose the carrying out of any operation for the client concerned by the declaration.
This opposition shall be notified in writing or, failing this, by fax or appropriate electronic means, before the expiry of the period described in the previous Article. It can block any operation for a maximum period of three working days as from the notification.
The Service d’Information et de Contrôle sur les Circuits Financiers is responsible, subject to reciprocity, for answering requests for information from foreign authorities exercising similar powers, as long as the latter are subject to the same obligations of professional confidentiality and provided that the information supplied cannot be used for other purposes than the fight against money laundering, terrorist financing and corruption.
Monitoring compliance by professionals
The Service d’Information et de Contrôle sur les Circuits Financiers is also in charge of monitoring compliance by professionals with the provisions of the Act 1362 of 3 August 2009 and its implementing measures.
To this end, it may carry out inspections of documents and on-site inspections, without professional secrecy being enforceable against it, and under the conditions set by Articles 18 and 19 of Act 1144 of 26 July 1991.
The SICCFIN, following the visit and operations of verification and, after having received clarifications from the directors or representatives of professionals, shall establish an inspection report, a copy of which shall be given to the professional.
If the Service d’Information et de Contrôle sur les Circuits Financiers notes a breach of the obligations set by the Act or its implementing provisions, it will send the professional concerned a letter enjoining them to take the appropriate measures to remedy the situation, and, if applicable, within a specific period of time, and request that regular reports on the progress of their implementation be presented.
In the absence of implementation of the measures requested, the provisions of Article 39 of the Act 1362 of 3 August 2009 shall apply.
SICCFIN - Service d'Information et de Contrôle sur les Circuits Financiers
13, rue Emile de Loth - MC 98000 Monaco
Tel : (+377) 98 98 42 22
Fax : (+377) 98 98 42 24