How does the new EU Privacy law (GDPR) effect

 May 16, 2018

Monaco Wealth Management



Many of our members and readers have asked recently how does the new EU General Data Protection Regulation (GDPR) effect

In light of recent news about the new EU Privacy law (General Data Protection Regulation – GDPR), Monaco Wealth Management wants to reinforce that your user data is safe with us. We do not share it with anyone outside our membership area.

Our business and member subscription model enables us to operate without having to cater to advertisers. This ensures that Monaco Wealth Management can focus its efforts on the members and not on advertisers, and that Monaco Wealth Management can keep your data private, just as it has been doing since its first days of foundation in August 2010.

So how does the new EU General Data Protection Regulation (GDPR) effect the site

First of all it is very important to clarify that:

  1. Monaco is not part of the European Union. It is part of the European Monetary zone, however as a state it maintains its sovereignty.
  2. Monaco based businesses are not European Union businesses and they are not necessarily gain more than 25% of their incomes from the EU.
  3. Monaco Wealth Management Ltd. is not a business registered in the European Union.

Those who are regular partners and members of Monaco Wealth Management since 2010 clearly know that protection of personal data has always been considered as one of our main key services. Monaco Wealth Management offers an internal communication platform for members. The platform was created to bring transparency among the business actors and key personalities in the Principality of Monaco.

Also it is highly important to recall that Monaco has incorporated data protection rules in its domestic law since 1993.

So what is GDPR?

The GDPR is the new European framework for the processing and dissemination of personal data. It applies from 25 May 2018 on and it standardises the personal data legislation of EU Member States. It aims to give all EU residents more control over their personal data and make those who are responsible for and process this data more accountable, while reducing preliminary formalities with regulators, and strengthen the role of the Data Protection Authorities.

How curates its business and key personnel database?

The website presents only information which are already available for the great public and which are approved for publication by the related private persons and/or companies.

Generally speaking our curated database is formed from sources such as:

  • Public Monaco Government announcements and Journals
  • Public profiles and websites, personally provided information of the Monaco based businesses
  • Personally provided member information
  • Public news sources related to Monaco, Monaco residents or Monaco based key business personnels

The informations Monaco Wealth Management have are either publicly available and/or personally provided by the private induviduals or the business representatives. Monaco Wealth Management highly respects the privacy of the residents of Monaco and it does not sell their private contact details.

Also the Private membership is free of charge for all the people who live or work in the Principality of Monaco. This way Monaco Wealth Management is more like a community rather than a business.

Proving our harmonious synergy with the local businesses and Monaco residents, and of course with our aim to provide transparency among the business actors in Monaco there has been only one removal request since August 2010.

Monaco Wealth Management’s team also makes it sure that is a platform to real people and free of fake profiles and unauthorised businesses. This way our valued members can enjoy the intimate nature of our community.

How people can control their data?

All the listed companies and private individuals have FULL control over their listed data. Members and listed companies, personnels can decide which data can be presented and also they have the potential to declare whether their profile without contact data is available for public or just for members only.

The website presents only those information which are already available for the great public and which are approved for publication by the related private persons and/or companies. However based on the individual request we can immediately (practically within 24 hours) remove any data from our database.

Why is it important to have

Beside the obvious that it collects the Monegasque Government authorised Monaco businesses into one place and brings transparency, also offers a unique access to the Monaco community. Its members can create valuable contacts in a trusted platform.

If you have any other question about the Privacy Policy please feel free to contact us.



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