The very first pilar to open a bank account in Monaco is the compliance.
In order to comply with transparency requirements, Monegasque banks are obligated to request information about their clients’ profiles and the sources of their funds.
This may involve completing a “know your client” or KYC form and providing information about the source of the funds being deposited in the bank.
The bank may also conduct a background check to ensure that the individual is not placed on international sanctioned lists or has any criminal records.
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What is compliance in Monegasque banking system?
The compliance department of the banks makes sure that the person or company that intends to open an account in a Monegasque bank complies with the international regulations on the prevention and fight against money laundering and financing of terrorism.
In fact, contrary to what many people believe, opening an account in Monaco is a complex procedure and involves more scrutiny than, for example, in banks in other countries.
However, although the procedure can be nerve-wracking, you can count on a successful resolution. As long as your business and the source of your money are legal, of course.
How can we help with compliance in Monaco?
As experts in Monaco compliance, we provide comprehensive guidance for opening a bank account in the country.
We also offer tailored advice for individuals looking to establish residency in Monaco, including tax planning and real estate options.
With a deep understanding of Monaco’s unique legal and financial landscape, we help clients navigate the complex regulatory environment with ease.
Monaco’s reputation as a hub for high-net-worth individuals and international business has attracted a diverse and dynamic community.
As a new resident, you can benefit from the country’s excellent quality of life, favorable tax system, and exclusive cultural offerings. Let us help you make the most of your transition to this exciting and vibrant destination.
You can contact us without obligation by sending an email to [email protected]
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