Regulatory environment

Prudential Control and Resolution Authority (ACPR)

Under the Monetary Agreement of 29 November 2011 between the Principality of Monaco and the European Union, banking activities are subject to supervision by the Prudential Control and Resolution Authority. As such, Monegasque credit institutions are subject to the same prudential rules as their French counterparts.

Budget and Treasury Department (DBT)

The Monaco Budget and Treasury Department plays a key role in financial regulation by overseeing the application of the Principality’s budgetary and financial legislative frameworks. In particular, it ensures economic stability, compliance with international standards and the management of relations with financial institutions. It also participates in the development of regulations governing the financial Centre, in conjunction with the ACPR and the Monegasque authorities, in order to ensure the transparency and attractiveness of the sector.

Monegasque Financial Security Authority (AMSF)

The Monegasque Financial Security Authority acts independently and in accordance with the strategic guidelines set by its Board of Directors, performing the functions of financial intelligence, supervision and sanctioning with the aim of combating money laundering, terrorist financing and corruption.

The AMSF is a member of the Egmont Group and participates in the work of the Moneyval Committee to combat money laundering and terrorist financing. The AMSF’s Financial Intelligence Unit (FIU) receives, analyses and processes suspicious transaction reports and carries out checks to verify compliance with obligations in accordance with applicable regulatory requirements.

Financial Activities Supervisory Commission (CCAF)

Credit institutions offering authorised services and management companies are authorised and supervised by the Financial Activities Supervisory Commission, an independent commission that ensures compliance with regulations in the interests of transparency and investor protection.

Personal Data Protection Authority (APDP)

The Personal Data Protection Authority supervises and monitors compliance with regulatory requirements relating to personal data protection. It is an independent administrative authority.

Monegasque Digital Security Agency (AMSN)

The Monegasque Digital Security Agency, created in 2015, is the national authority responsible for information system security. Under the authority of the Minister of State, it serves as a Centre of expertise and response to digital attacks for the State and Operators of Vital Importance (OVIs). All banking institutions are classified as OIVs and contribute to the national strategy.

The AMSN is organised around an Expertise Centre and a Digital Attack Response Centre, and is part of the national strategy for digital security. Financial institutions, which are integrated into this strategy, are subject to increased requirements in terms of information system security.