Under the Franco-Monegasque agreement on foreign exchange controls of 14 April 1945, the laws and regulations applicable to banks and credit institutions in France apply in Monaco.
Article 2 of the agreement of 27 November 1987 states “the Credit Establishments Committee (Comité des Etablissements de Crédit et des Entreprises d'Investissement) shall draw up and maintain the list of Monegasque credit establishments. The Prudential Supervisory Authority (Autorité de Contrôle Prudentiel) shall, for its part within its scope, oversee credit establishments established in Monegasque territory”.
Monegasque banks are subject to the same operating and supervision rules as French banks, with special rules designed to protect the confidentiality of banking operations in Monaco applying to the supervisory authorities’ action.
Monaco’s credit institutions are directly covered by the French deposits guarantee fund and therefore offer the same guarantee as French banks.
Under the agreements signed with France, the Monegasque banks have access to the French central bank’s payment facilities and are members of certain French and European payment systems (SEPA) on the same terms and conditions as the French banks.