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International Monetary Fund

: Customer account contracts are required for all accounts, and these contracts are approved at licensing (any subsequent material amendments must also be approved). The law contains detailed requirements for these contracts and requires that all investment advice be suitable in the context of the client’s stated objectives, expectations and risk profile. The portfolio management firm is obligated to seek sufficient know-your-client information to enable it to fully understand the client’s profile although there are no specific information gathering or identification

International Monetary Fund
This review of the financial sector regulation and supervision in Monaco in the context of the offshore Financial center assessment program contains technical advice and recommendations given by the IMF in response to the authorities of Monaco’s request for technical assistance. It assesses the antimoney laundering and combating the financing of terrorism (AML/CFT) regime based on the Draft IMF and Bank AML/CFT Methodology. It also evaluates the regulation of portfolio management and mutual funds relative to the International Organization of Securities Commissions (IOSCO) Objectives and Principles of Securities Regulation.
International Monetary Fund

transactions; and (vii) cooperation with other FIUs. As a result, SICCFIN has a much wider mandate than is usual for FIUs. 31. The AML Law makes two sets of entities subject to its provisions. Financial institutions are subject to all provisions of the law regarding customer identification, special scrutiny for certain transactions, record keeping, vigilance and internal controls and suspicious transaction reporting. These financial institutions (listed in Article 1 of the law) include banks, insurance companies, portfolio management firms, bureaux de change, and company

International Monetary Fund
The detailed assessments of the Offshore Financial Center Assessment of Monaco reviews the assessments of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) related principles of the Basel Core Principles for Effective Bank Supervision, of the AML/CFT regime based on the Bank/IMF Draft Methodology, and of securities regulation on the basis of the International Organization of Securities Commissions Objectives (IOSCO) and Principles of Securities Regulation.
International Monetary Fund
The Detailed Assessments of the Observance of Standards and Codes on France reviews compliance with Basel Core Principles for effective banking supervision. The French insurance market is notable for its broad range of distribution channels, which include tied agents, insurance brokers, salaried sales forces, direct writing mutuals, and financial institutions. France fulfills all prerequisites for effective payment clearing and settlement systems. Capital markets are large and sophisticated, with a range of equity, debt, derivative, and mutual fund products available to investors.
International Monetary Fund

experience of fund management in the private sector. There are two inspectors of portfolio management companies. Staff from the Autorité des Marchés Financiers (AMF) in Paris visit Monaco regularly to inspect on behalf of the CCAF the seven companies which manage CISs and their depositories for compliance with Monegasque regulations. These numbers are unchanged since 2003. However the number of portfolio management firms active in Monaco has risen from 24 in 2003 to 41 at the end of 2007. 5 The CCAF is solely responsible for supervising these companies and has taken over

International Monetary Fund

The Detailed Assessments of the Observance of Standards and Codes on France reviews compliance with Basel Core Principles for effective banking supervision. The French insurance market is notable for its broad range of distribution channels, which include tied agents, insurance brokers, salaried sales forces, direct writing mutuals, and financial institutions. France fulfills all prerequisites for effective payment clearing and settlement systems. Capital markets are large and sophisticated, with a range of equity, debt, derivative, and mutual fund products available to investors.

International Monetary Fund
This Technical Note reviews the International Organization of Securities Commissions’s (IOSCO) Objectives and Principles of Securities Regulation for Monaco. It reveals that overall, there has been progress in implementing the Offshore Financial Center assessment recommendations in most areas of securities regulation, but more needs to be done on key topics. In granting a license to conduct investment activities, the Commission de Contrôle des Activités Financières (Financial Activity Supervisory Commission) considers the professional qualifications of individuals, the company’s systems and controls, and its sources of capital.