AML/CFT • Professional certification (Sovereign Order 9.223 of 28 April 2022)

Sovereign Order No. 9.223 (JDM n° 8589 of 6 May 2022) issued pursuant to Article 27, 4th paragraph of Law No. 1.362[1], governs the conditions of professional qualifications or skills, training and professional certification of persons responsible for implementing the system to combat money laundering, terrorist financing and corruption designated by credit, payment and electronic money institutions and persons carrying out financial activities. The Association Monégasque des Activités Financières (AMAF) is responsible for organising the training leading to the issue of the professional certification.

The new provisions inserted in Sovereign Order n° 2.318 (new Articles 31-1 to 31-4) will come into force on 7 November 2022 (6 months after the publication of Sovereign Order No. 9.223).

It should be noted that:

— The persons responsible for the implementation of the AML/CFT system as well as the persons placed under their authority who have been in office for less than five years on the date of entry into force, must register, through the organisations or companies within which they work, for the first professional certification session as from the entry into force of the new provisions.

— Only persons responsible for the implementation of the AML/CFT system and the persons placed under their authority who have been in office continuously for at least five years as of the date of entry into force are deemed to have the knowledge required for the functions they perform and are therefore not subject to the regime of the new Articles 31-1 and 31-3 of Sovereign Order No. 2.318.

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NOTE:

[1] Article 27, 4th paragraph of Law No. 1.362: “The persons appointed as managers by the bodies and persons referred to in numbers 1°) to 3°) of Article 1 must prove, for their recruitment, that they have diplomas or professional skills defined by Sovereign Order. In order to carry out their duties, they and the persons placed under their authority are required to obtain professional certification following training, issued under the conditions laid down by Sovereign Order. The cost of this professional certification and of the training shall be borne by the bodies and persons referred to in points 1) to 3) of Article 1.”