: 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
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
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
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.