Right to a bank account - Documents required to open a deposit and payment account

Ministerial Order no. 2020-664 of 5 October 2020 (JDM of 9 October 2020) applies articles 3 and 4 of Law no. 1.492 of 8 July 2020 relating to the introduction of a right to an account, which will come into force on 17 October 2020.

It contains the list of documents to be provided by persons entitled to open a deposit account with a Monegasque credit institution, to the chosen institution and, in the event of refusal, to the Budget and Treasury Department ("Direction du Budget et du Trésor").

It should be noted that additional documents may be required by the credit institution as part of its due diligence obligations under Law no. 1.362 of 3 August 2009, as amended, on the fight against money laundering, terrorist financing and corruption, as well as its implementing regulations.

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Documents to be provided to the credit institution chosen to open the deposit and payment account:

Please note: credit institutions collect the documents listed below in order to open the account, without prejudice to the fulfilment of their due diligence obligations and the documents that must be disclosed in order to combat money laundering, the financing of terrorism and corruption, under the conditions provided for by Law no. 1.362 of 3 August 2009, as amended, and its implementing Sovereign Order no. 2.318 of 3 August 2009, as amended.

Individuals of Monegasque nationality or domiciled in Monaco:

• Copy of both sides of a valid identity document issued by a public authority, bearing the holder's photograph;
• Copy of proof of address in the applicant's name, less than three months old;
• A sworn statement to the effect that the applicant has no personal deposit account with Monaco.

Individuals moving to Monaco:

• Copy of both sides of a valid identity document issued by a public authority, bearing the holder's photograph;
• Copy of proof of address in the applicant's name, less than three months old;
• Provisional receipt for the residence permit application issued by the Direction de la Sûreté Publique;
• Declaration on honour attesting to the fact that the applicant has no personal deposit account in Monaco.

Individuals acting in their professional capacity:

• Copy of both sides of a valid identity document issued by a public authority, bearing the holder's photograph;
• Copy of proof of address in the applicant's name, less than three months old;
• Copy of an official document certifying professional activity;
• Declaration on honour to the effect that the applicant has no deposit account opened in Monaco in a professional capacity.

Please note: an individual acting in the course of his professional activities is entitled to open a deposit account for the purposes of each of her/his professional activities or the election campaign, even if s:he already holds such an account for his personal needs.

Commercial company:

• "Extrait d'inscription" (Registration) to the Répertoire du Commerce et de l'Industrie (RCI), dating back less than three months or, for companies in the process of being formed, the receipt issued by the Direction de l'Expansion Économique confirming receipt of the declaration of activity or the admissibility of the application for authorisation to operate or to form a company;
• Person with authority to direct, manage or bind the company on a regular basis:
  • Copy of both sides of a valid identity document issued by a public authority, bearing the holder's photograph and a copy of proof of address less than three months old;
  • Declaration on their honour ("Déclaration sur l’honneur") by the person with the power to direct, manage or bind the company on a regular basis, certifying that the company has no custody account in Monaco opened in their name;

Please note: a legal entity that is authorised to offer tokens [ICO/STO] (articles 2 and 4 of law no. 1.491 of 23 June 2020 on token offers) is entitled to open a custody account specifically for this offer, even if it already holds such an account for the purposes of its incorporation or the exercise of its professional activity.

Non commercial company ("Société civile"):

• Certificate of registration in the Répertoire Spécial des Sociétés Civiles, less than three months old;
• Copy of the minutes of the General Meeting appointing the company's manager;
• Person with authority to direct, manage or bind the company on a regular basis:
  • Copy of both sides of a valid identity document issued by a public authority, bearing the holder's photograph, and a copy of proof of address less than three months old;
  • Declaration on honour attesting to the fact that the company has no deposit account opened in Monaco in its name.

Declared and public association:

• Copy of the publication in the Journal de Monaco of the extract containing the date of the declaration, the name, the object of the association and an indication of its registered office;
• President of the association or the director in charge of administration:
  • Copy of both sides of a valid identity document issued by a public authority, bearing the holder's photograph and a copy of proof of address less than three months old;
  • Declaration on honour by the person referred to in letter b) attesting to the fact that the association has no deposit account opened in Monaco in his/her name.

Financial agent appointed by the candidate(s) for an election pursuant to Act no. 1.389 of 2 July 2012, as amended:

• Copy of both sides of a valid identity document issued by a public authority, bearing the holder's photograph;
• Copy of proof of address in the applicant's name, less than three months old;
• Copy of the nomination paper of the candidate(s) standing for election;
• Copy of proof of identity of the candidate(s) who appointed the financial agent;
• Declaration on the honour of the mandatary certifying that the candidate has no deposit account opened in Monaco in his or her name.

Please note: an individual acting as a financial agent is entitled to open a deposit account for the purposes of the election campaign, even if s/he already holds such an account for personal purposes.

If the chosen institution agrees to open the account, it will open the account no later than fifteen working days from receipt of all the documents required to open the account.

If the chosen credit institution refuses to open the account, the applicant may refer the matter to the Budget and Treasury Department so that it can designate a credit institution providing deposit and payment account services.

Obligations of the credit institution that has refused to open an account:

• to provide the applicant, free of charge and within fifteen working days of receipt of all the required documents, on paper or on any other durable medium if expressly requested, with a statement of refusal to open an account;
• to inform applicants that they may ask the Budget and Treasury Department to designate a credit institution to open an account for them.

Documents to be provided to the Budget and Treasury Department if the chosen credit institution refuses to open an account:

• Copy of the complete application submitted to the chosen credit institution;
• Certificate of refusal to open an account issued by the chosen credit institution
• Additional documents for natural persons:
  • For all natural persons: declaration on honour stating whether or not they have been the subject of over-indebtedness proceedings during the previous five years.
  • For individuals who have not been the subject of over-indebtedness proceedings but are in a precarious financial situation: declaration on their honour attesting to the fact that they are being monitored in this respect by the Monegasque social services.

The Budget and Treasury Department ("Direction du Budget et du Trésor") has fifteen working days from receipt of the required documents to appoint a credit institution to provide deposit and payment account services.