Banking secrecy

Monegasque criminal and business law contains specific provisions relating to professional secrecy, notably Articles 308 et seq. of the Monegasque code of criminal law which provide that “any person who, by his position or profession, is the depository of confidential information entrusted to him, and who discloses that confidential information, other than in cases where the law obliges or permits him to do so, shall be punished by one to six months of prison and fined the amount provided for in figure 2 of Article 26, or shall be subject to only one of these two penalties”.

Professional secrecy does not apply to information requested by Autorité de Contrôle Prudentiel, Banque de France, SICCFIN (Service for the Information and Supervision of Financial Channels, the Monegasque body in charge of the prevention of money laundering) or by the courts in the case of criminal proceedings. It should be noted that the Autorité de Contrôle Prudentiel and Banque de France are bound by professional secrecy in the context of their supervisory activities.

The banks and financial companies’ representative body, AMAF (Association Monégasque des Activités Financières), which represents the profession in its dealings with the Monegasque authorities, regularly issues recommendations relating to the fight against money laundering and financing of terrorism, whose requirements are in line with those applicable in most major international financial centres.

Anonymous accounts are not permitted in Monaco. All clients, whether holders of ordinary accounts or of contractually-designated accounts, must identify themselves to their bank.