On Tuesday January 23, 2024, the Association Monégasque des Compliance Officers (AMCO) dedicated a morning to the Fight against Money Laundering, Terrorist Financing and Corruption (LCB/FT-P-C) at the Novotel Monte-Carlo, followed by its Annual General Meeting.
The event kicked off with speeches by three renowned experts in the field of compliance and financial regulation in the Principality. Louis DANTY, Head of Supervision and Technical Advisor at the Monegasque Financial Security Authority (AMSF), addressed crucial topics relating to supervision, notably presenting the new tools put in place by the AMSF before outlining its national and international strategy.
Stéphan BRUNO, Director of Economic Development (DDE), provided his expertise on economic and regulatory aspects, particularly with regard to the notion of Beneficial Owner. Finally, Bernard BENSA, President of the Monaco Bar Association, shared his legal knowledge and compliance experience with the audience. The round table covered various important topics, such as the new legal and regulatory landscape post-Moneyval report, a reminder of its context, the consequences of the European evaluation report, the Government’s action plan, as well as a reminder of the important points of laws 1.549, 1.550, 1.553, and draft law 1.084.
This session enabled an in-depth exchange between speakers and participants, contributing to a better understanding of current and future AML/CFT issues in Monaco. The General Meeting that followed the debate focused on AMCO’s activity report for 2023, including a review of the various committees (Banking, Taxable Commercial Activities and the Legal and Accounting Professions, Management Companies, and TCSP/MFO), the association’s initiatives and projects, and their impact on Monaco’s regulatory landscape. The session also addressed the approval of AMCO’s accounts, the provisional budget for 2024, and a proposed change in membership fees.
Overall, the event provided a valuable platform for compliance professionals in Monaco, offering enlightening perspectives and essential updates on trends and developments in the AML/CFT-P-C field.
Source: Monaco for Finance