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Sovereign Order 2318 of 3 August 2009 setting the conditions for application of Act 1362 of 3 August 2009 on the fight against money laundering, terrorist financing and corruption amended bu Sovereign Order n° 3.450 dated 15 September 2011, by Sovereign Order n° 4.104 dated 26 December 2012 and Sovereign Order n° 6.029 dated 9 September 2016

ALBERT II
BY THE GRACE OF GOD
SOVEREIGN PRINCE OF MONACO



Having regard to the Constitution;

Having regard to Act 1144 of 26 July 1991 relating to the exercise of certain economic and legal activities, as amended;

Having regard to Sovereign Order 11160 of 24 January 1994 setting the conditions for application of Act 1162 of 7 July 1993 relating to the participation of financial undertakings in countering money laundering and terrorist financing, as amended;

Having regard to Sovereign Order 11246 of 12 April 1994 constituting a Service d'Information et de Contrôle sur les Circuits Financiers (Financial Circuits Information and Control Department – SICCFIN), as amended;

Having regard to Sovereign Order 16552 of 20 December 2004 creating a liaison committee for countering money-laundering and the financing of terrorism, as amended;

Having regard to Act 1362 of 3 August 2009 on the fight against money laundering, terrorist financing and corruption;

Having regard to the deliberation of the Government Council of 29 July 2009
which has been communicated to Us by Our Minister of State;


Have ordered and order:

CHAPTER I
DEFINITIONS

ARTICLE 1
(Amended by Sovereign Order n° 4.104 dated 26 december 2012 and n° 6.029 dated 9 September 2016)

For the purposes of application of this Order, the following definitions shall apply:

1°) “The Act”: Act 1362 of 3 August 2009 on the fight against money laundering, terrorist financing and corruption;

2°) “Professional”: an organization or legal or natural person included in one of the categories listed in Articles 1 and 2 of the Act;

3°)
a) "occasional operation": an operation as described in the second paragraph of Article 3 of the Act and, more broadly, any operation aimed at a professional exclusively for the purposes of preparing or carrying out a one-off operation or of being assisted in the preparation or performance of such an operation, whether or not the transaction is carried out in a single operation or several operations appearing as related.

- b "occasional customer": any natural or legal person and any entity which performs an "occasional operation. ..."


4°) “4°) “beneficial owner”: the natural person(s) who in fine own or control the client and/or natural person for whom a transaction is performed. This also includes natural persons who ultimately exercise effective control over a legal person or a legal arrangement;

5°) “Atypical operation”: an operation that is particularly likely, through its nature, through the position of the persons involved, through its complex or unusual nature with regard to clients’ activities, through their risk profile or through the absence of business justification or an apparently legal purpose, to be related to money laundering or terrorist financing within the meaning of the first paragraph of Article 11 of the Act;

6°) “Instructing party”: the natural or legal person who is either the holder of the account from whence instruction was given to carry out a bank transfer or transfer of funds or, in the absence of an account, gives the instruction to carry out a bank transfer or transfer of funds;

7°) “Bank transfer or transfer of funds”: any operation performed by electronic means on behalf of an instructing party through the intermediary of a financial institution with a view to making funds available to a beneficiary at a financial institution. The instructing party and the beneficiary may or may not be the same person;

8°) “Cross-border bank transfer or transfer of funds”: a transfer for which the instructing party’s financial institution and the beneficiary’s financial institution are located in different countries. This term also describes any chain of electronic transfers which includes at least one cross-border element;

9°) “National bank transfer or transfer of funds”: a transfer for which the instructing party’s financial institution and the beneficiary’s financial institution are located in the same country. This term therefore designates all chains of electronic transfers that are entirely performed within the borders of the same country, even if the system used to perform the transaction is located in another country;

10°) “Unique identification number”: a number formed by a combination of letter, figures or symbols determined by the payment service provider in line with payment system protocols or the electronic mail system used to carry out the transfer of funds;

11°) “Funds”: all types of assets, whether material or immaterial, tangible or intangible, movable or immovable, as well as legal instruments or documents certifying ownership of these assets or rights relating thereto;

12°) “CORE system”: A system which deals with the exchange, clearing and payment of all high-volume means of payment between banks;

13°) “Money remitters”: any person who offers, as their usual profession, financial services accepting cash, cheques, any other payment instruments or deposits of securities in given place and pays an equivalent sum in cash or in any other form to a beneficiary who is located in another geographical area using communications, messages, transfers or a clearing system to which the money remittance service belongs. Transactions carried out using this service may involve one or several intermediaries and a third party who receives the final payment;

14°) “Business background”: the knowledge that professionals have of their clients, their activities, their risk profile and, where necessary, the origin of funds.


CHAPTER II
IDENTIFICATION AND VERIFICATION OF CLIENTS’ IDENTITIES

ARTICLE 2

Business relations are entered into within the meaning of Article 3 of the Act when:

- a professional and a client conclude a contract under which several successive operations are carried out between them during a specific or indefinite period, or which create permanent obligations;

- a customer regularly and repeatedly requests the assistance or intervention of the same professional to perform successive distinct financial operations.

The professional shall collect, before establishing or not establishing a business relationship with a potential customer, or, before assisting an occasional customer in the preparation or performance of one of the operations specified in number 3 of the first Article, relevant information on the identity of the said customer, as well as the type and purpose of the relation or of the occasional operation proposed, in accordance with the provisions of Articles 3 and 5 of the Act.

ARTICLE 3

In fulfilling their obligations to identify clients by virtue of Article 3 of the Act, professionals must not hold anonymous accounts or accounts under manifestly fictitious names.

The use of numbered accounts or contractually-designated accounts shall only be permitted in internal communications and operations, on condition that the identity of the client and the beneficial owner are entirely known to the person responsible for monitoring the fight against money laundering and terrorist financing as well as any other appropriate person within the establishment and that they can be communicated upon request to agents of the Service d’Information et de Contrôle sur les Circuits Financiers.

Contractual designations must under no circumstances be likely to lead to confusion with any natural or legal person.

The contractual designation for an account must not appear on scriptural payment instruments attached thereto, nor on any commercial correspondence or any other document relating to operations carried out and sent by the professional.

ARTICLE 4

When a client with whom business relations have already been entered into wishes to carry out one of the operations described in the second paragraph of Article 3 of the Act, their identification is not required.

ARTICLE 5

Client identification is required by virtue of the third paragraph of Article 3 of the Act when:

- following identification of the client, it transpires that there is reason to believe that the identification data supplied was incorrect or misleading;

- there is reason to doubt that the person who wishes to carry out an operation under the business relations entered into previously is indeed the client identified with regard to these business relations or their authorized and identified proxy.

ARTICLE 6

When identifying clients who are natural persons, the verification of their identity pursuant to Article 3 of the Act must be carried out in their presence using a valid official document bearing their photograph.

If the client’s address is not mentioned on the substantiating documents presented, or in the event of doubt as to the exactitude of the address mentioned, the professional is required to check this information using another document that is likely to prove their real address and of which a copy shall be retained.

ARTICLE 7
(Amended by Sovereign Order n° 4.104 dated 26 december 2012)

When identifying clients that are legal persons, the verification of their identity pursuant to Article 3 of the Act must be carried out using the following documents:

- the original, an authenticated or certified copy of a deed or extract from an official register giving the name, legal form and registered office of the legal person;

- the Articles of Association of the legal person;

- any substantiating documents allowing the list of directors to be established;

- in case of legal representation of the legal person, any document certifying the power of attorney of the company representative.

If the professional considers it necessary, they should request a translation of these documents into French.

Professionals must also understand the nature of the work of the legal person as well as its structure of ownership and control.

ARTICLE 8
(Amended by Sovereign Order n° 4.104 dated 26 december 2012)

When identifying clients that are legal entities or trusts, professionals should familiarize themselves with the existence, nature, purpose and means of management and representation of the legal entity or trust concerned. This identification also includes familiarity with and verification of the list of persons authorized to administer or represent these clients.

The said professionals are to check this information using substantiating documents in written form of which they are to keep a copy.

Professionals must also understand the structure of ownership and control of the legal entity or trust.

If the client is a legal entity or trust, the obligations to identify the client and check his identity, in accordance with Article 3 of the Act, are also applicable to the guarantors of the legal entity or the trust as well as, if need be, the protectors of the legal entity or trust.


ARTICLE 9
(Repealed and replaced by Sovereign Order n° 4.104 dated 26 december 2012)

For life insurance operations, obligations to identify the client and check their identity in accordance with Article three of the Act apply to:
- the natural or legal person(s) who are the beneficiaries of the life insurance contract;
- the natural or legal person(s) who underwrite the life insurance contract;
- the natural or legal person(s) who pay the premiums for the life insurance contract;
- the natural or legal person(s) who are insured under the life insurance contract.

If the client is a co-ownership, obligations to identify the client and check his identity in accordance with Article three of the Act are applicable to each co-owner.


ARTICLE 10

With a view to identifying the intended purpose and nature of the business relations, professionals are to familiarize themselves with and record the types of operation that the client requests, as well as any information which is relevant to determine the purpose of these relations. This information, including, in particular, details on the origin of clients’ assets and their business background must be supported with documents, data or reliable sources of information.

ARTICLE 11

Without prejudice to the identification of the client, the identification of persons acting in the name of and on behalf of the client in relations of the latter with the professional must be carried out in line with Article 3 of the Act and the provisions of this Chapter.

Moreover, professionals are to familiarize themselves with the powers of attorney of the person acting in the client’s name in relations of the latter with professionals and carry out a verification using substantiating documents of which they are to keep a copy.

The following are covered in particular by this Article:

- legal representatives of legally incompetent clients;

- persons authorized to act in the name of clients by virtue of a general or specific mandate;

- persons authorized to represent clients that are legal persons, legal entities or trusts.

ARTICLE 11 a

The information collected pursuant to the provisions of the Act and, in particular of its Article 10, and of this Order shall be kept by the professional for a minimum period of five years as from the termination of the relationship with a regular customer, as defined in Article 3 of the Act, or, with an occasional customer, as defined in number 3 of the first Article.

Where a potential customer does not enter into a business relationship with the professional or does not become an occasional customer, the information collected on this prospective customer by the professional shall be kept for a maximum period of five years as from their collection.

… Where a professional receives a request for information from the Service d'Information et de Contrôle sur les Circuits Financiers (SICCFIN) pursuant to Articles 10 and 27 of the Act, he shall keep this request as well as the related information for a minimum period of five years after its receipt, as part of his obligations to know his customers or potential customers.


ARTICLE 12

Professionals are to apply the identification procedures and due diligence with regard to the clients described in Articles 3 and 4 of the Act to all their new clients, but also to their existing clients.

CHAPTER III
IDENTIFICATION OF BENEFICIAL OWNERS

ARTICLE 13
(Repealed and replaced by Sovereign Order n° 4.104 dated 26 december 2012)

The identification of the beneficial owners, pursuant to Article five of the Act, shall include the following aspects of identification:
- surname,
- first name,
- date of birth,
- address.

Professionals shall take all reasonable steps to check the identity of the beneficial owners in accordance with the provisions of Article 6.

If the ownership or control of the client is exercised using a chain of ownership or any other form of control which is not direct control, the professional must identify all the individuals who are part of this chain of ownership, in addition to the natural persons who are the beneficial owners.

If the identity of the beneficial owners cannot be checked, the professionals may not establish or maintain business relations with the client concerned.

The professionals shall then determine whether it is necessary to inform the Service d’information et de Contrôle sur les Circuits Financiers of the above, in accordance with the provisions of Chapter VI of the Act.

ARTICLE 14
(Repealed and replaced by Sovereign Order n° 4.104 dated 26 december 2012)

If the client is a legal person, the following shall be meant by beneficial owners:
- the natural persons who, ultimately, directly or indirectly, own or control at least 25% of the shares or the voting rights of the legal person;
- the natural persons who effectively exercise power to control the capital or the management of the legal person.

If the ownership is subdivided between a bare owner and a usufruct holder, the following shall be considered as beneficial owners:
- the natural persons who, in their capacity as bare owners, ultimately own, directly or indirectly, at least 25% of the shares or voting rights of the legal person;
- the natural persons who, in their capacity as usufruct holders, ultimately benefit from the use and directly or indirectly control at least 25% of the shares or voting rights of the legal person;
- the natural persons who effectively exercise power to control the management of the legal person.

If the client or the holder of controlling interests is a company listed on a regulated market or able to make public offerings for investment, located in a State which complies with and applies internationally-recognized recommendations concerning the fight against money laundering and terrorist financing and subject to obligations of public information, it is not mandatory to identify the shareholders in the company or to check their identities.

This exception shall not apply if there is a suspicion of money laundering, terrorist financing or corruption.

Professionals are to take reasonable steps to check the identity of the beneficial owners described in the first point of the first paragraph using substantiating documents.


ARTICLE 15
(Repealed and replaced by Sovereign Order n° 4.104 dated 26 december 2012)

If the client is a legal entity or a trust, the following shall be meant by beneficial owners:
- if the future beneficiary or beneficiaries have already been designated, the natural person(s) who are beneficiaries of the assets of the legal entity or the trust;

- if the future beneficiary or beneficiaries have not been designated, the group of people in the main interests of whom the legal entity or trust was formed or operates;
- the natural person(s) who exercise control over the assets of a legal entity or trust;
- the guarantor(s) of the legal entity or trust;
- if need be, the person(s) who serve as protector.

If the future beneficiary or beneficiaries are expressly appointed, they must be identified as soon as possible and their identity must be verified when they intend to exercise their rights over the assets in the legal entity or trust, at the latest. These verifications must under all circumstances take place before any commencement of the usufruct, whether this is of the assets in the legal entity or the trust.

In the event that the future beneficiary or beneficiaries are only appointed based on characteristics or categories, the professionals are obliged to obtain sufficient information in Order to ensure that they will be able to identify and check the identity of these beneficiaries when they intend to exercise their rights over the assets in the legal entity or the trust, at the latest. This must, under all circumstances, take place before any commencement of the usufruct, whether this is of the assets in the legal entity or the trust.

The professionals shall take all reasonable steps to:
- check the list of beneficial owners referred to in the first, fourth and fifth points of the first paragraph, using the Articles of association of the legal entity or the trust, or any other substantiating documents;
- ascertain the list of beneficial owners described in the second and third points of the first paragraph, using any available information which is reasonable to consider as reliable.


ARTICLE 16
(Repealed and replaced by Sovereign Order n° 4.104 dated 26 december 2012)

The identification and the verification of the identity of the beneficiaries of life insurance contracts provided for in Article 5 of the Act must be carried out as soon as possible, and at the latest when beneficiaries make claims for payment as a result of the contract and under all circumstances prior to that payment. This verification must, under all circumstances, take place before the payment.

CHAPTER IV
IDENTIFICATION OF CLIENTS AND
BENEFICIAL OWNERS BY THIRD PARTIES

ARTICLE 17

The intervention of third parties pursuant to paragraphs 3 and 4 of Article 4 of the Act is subject to the following conditions:

- that the professional first checks that the third party meets the conditions laid down in paragraph 3 of Article 4 of the Act and keeps the documents upon which this is founded. ;

- that the third party undertakes in writing prior to entering into relations, to provide the professional with information identifying the clients or beneficial owners that he is to identify, as well as a copy of the documents through which he checks their identity.

- the third party must personally identify the client, in the presence of the client;

- the professional must be able to make the declarations provided for in Chapter VI of the Act and meet requests from the Service d’Information et de Contrôle sur les Circuits Financiers pursuant to Article 27 of the said Chapter;

- there must be no contractual relation of outsourcing or agency agreement between the professional and the third party; alternatively, the external service provider or agent shall be considered as a part of the professional.

ARTICLE 18
(Amended by Sovereign Order n° 4.104 dated 26 december 2012)

When a person managing unit trusts or other collective investment schemes receives orders for subscription and buy-back, they must identify the bearers of stocks or shares relating thereto pursuant to Article 3 of the Act.

When a person managing unit trusts or other collective investment schemes does not receive orders for subscription and buy-back, they must ensure that the credit establishment or financial institution receiving these orders meets the conditions set by paragraph 3 of Article 4 of the Act. They shall keep the documents upon which they have based their verification that these conditions have been met.

The credit establishment holding the assets of unit trusts or other collective investment schemes shall ensure that the asset management firm fulfils the obligations laid down in the above paragraphs. They shall keep the documents upon which they have based their verification that these conditions have been met.

If a professional receives Orders for subscription and buy-back on behalf of unit trusts or other collective investment schemes, they must identify the bearers of stocks or shares relating thereto pursuant with Article 3 of the Act.

ARTICLE 19

For the application of paragraph 3 of Article 4 and Article 8 of the Act as well as Article 25 of this Order, the following should be taken into account so as to determine whether the legislation of a State may be considered as imposing obligations that are equivalent to those laid down by the Act:

- the existence of a system to monitor compliance with the application of legislation to fight against money laundering and terrorist financing;

- State membership of an international institution whose mandate imposes assurance that standards to fight against money laundering and terrorist financing are implemented by its members;

- declarations or reports from international organizations, international institutions for cooperation and coordination or public sources that are specialized in the fight against money laundering, terrorist financing or corruption;

- any relevant publicly-available information concerning compliance with internationally-recognized recommendations on money laundering, terrorist financing and corruption, legal and regulatory provisions and mechanisms to fight against money laundering, terrorist financing and corruption in that State.

ARTICLE 20
(Repealed and replaced by Sovereign Order n° 4.104 dated 26 december 2012)

Professionals may have the following carried out by a third party, under the conditions laid down in the first paragraph of Article 17:
- their obligations to identify and check the identity of the clients as well as their obligations to identify the purpose and intended nature of the business relations, pursuant to Articles 3 and 4 of the Act;
- their obligations to identify and check the identity of the beneficial owners, pursuant to Article 5 of the Act;
- their obligations to collect the other information referred to in Article 10.

Professionals may not have their duty of constant due diligence, with regard to the business relationship, performed by a third party, with the exception of their obligations to update the identification information and other information specified in Article 29.

Professionals who enter into business relations or carry out occasional operations with clients identified by a third party shall require that the latter communicate to them the information as well as, if applicable, the documents described in the second point of the first paragraph of Article 17, and ensure that this communication is properly accomplished.

ARTICLE 21

When the third party is a credit establishment or a financial institution governed by foreign law, the professional shall be considered to have fulfilled their obligations of identifying and checking the identity of clients that are introduced to them when the third party making the introduction has done this in accordance with the legislation which is applicable to them.

The documents through which the third party making the introduction makes a valid check of the identity of their own clients, pursuant to the legislation applicable to the third party, are considered to be substantiating documents within the meaning of Article 3 of the Act.

ARTICLE 22

In the event of recourse to a third party under the conditions laid down in the first paragraph of Article 17, it shall be the responsibility of the professional to check that the identification of the client or beneficial owner and the verification of their identity have been fully and properly carried out by the third party in accordance with the legislation applicable thereto.

The professional shall carry out, if necessary, any further identification and verification and, if applicable, another identification and verification of the identity of the client or the beneficial owner. In these cases, they shall do so in accordance with the provisions of the Act and this Order.

Professionals having recourse to third parties shall remain responsible for the identification of the client and the verification of their identity.

ARTICLE 23

When a client subscribes to a life insurance contract with an insurance undertaking through an insurance intermediary, agent or broker, as described in point 3 of Article 1 of the Act, the identification of the client and the verification of their identity may be carried out by the latter at the same time on their own behalf and on behalf of the insurance undertaking. The same goes for the identification and verification of the identity of the beneficial owner of a life insurance contract, if the latter contacts such an intermediary with a view to obtaining payment by the insurance undertaking of the benefits provided for in a life insurance contract.

In these cases, the insurance intermediary, agent or broker shall communicate the data identifying the client or beneficial owner to the insurance undertaking without delay, as well as a copy of the substantiating documents on the basis of which the identity of the client or beneficial owner was verified.

If, in accordance with the previous paragraphs, an insurance intermediary, agent or broker intervenes, it shall be the responsibility of the insurance undertaking to check that the identification of the client or beneficial owner and the verification of their identity have been fully and properly carried out by the insurance intermediary. If need be, the company must themselves perform the required additional identification and verification as well as, if applicable another identification and verification of the identity of the client or beneficial owner.

CHAPTER V
POLICY AND PROCEDURES PRIOR
TO ANY BUSINESS RELATIONS

ARTICLE 24

Professionals shall decide on and implement a policy and procedures prior to initiating any business relations. These must be suited to the activities that they carry out and allow them to be fully involved in the prevention of the risk of money laundering, terrorist financing and corruption by familiarization and adequate examination of the characteristics of new clients contacting them and/or the services or operations contemplated.

This policy and these procedures shall establish distinctions and requirements at different levels on the basis of objective criteria set by each professional taking into account in particular the characteristics of the services and products that they offer and those of the clients targeted, so as to define an appropriate scale of risks.

Professionals must be able to prove that the extent of the measures that they are taking is adapted to the risk of money laundering, terrorist financing or corruption.

ARTICLE 25

If politically-exposed persons wish to enter into business relations with professionals or contact them to perform occasional operations, the acceptance of these clients shall be subject to particular examination and must be decided at an appropriate level of hierarchy. The said acceptance requires the taking of all appropriate measures in order to establish the origin of their assets as well as that of funds which are or will be employed in the business relations or in the occasional operation contemplated.

Persons who hold, or during the last three years have held, prominent public functions in a foreign country shall be considered as politically exposed, whether they are clients, beneficial owners or proxies, such as, in particular:

- heads of state;

- members of governments;

- members of Parliament;

- members of Supreme Courts, Constitutional Courts or other high-level judicial bodies whose decisions are not subject to further appeal except in exceptional circumstances;

- the leaders and senior officials of political parties;

- the members of courts of auditors and the boards of central banks;

- ambassadors, advisors and high-ranking officers in the armed forces;

- members of the administrative, management or supervisory bodies of state-owned enterprises;

- senior politicians and high-ranking civil servants of international or supranational organizations.

The spouses and direct ascendants or descendents of these persons must be treated as if they themselves were politically-exposed persons.

Persons known to be close associates of any of the persons referred to in the two previous paragraphs must also be considered as politically-exposed persons and in particular:

- any natural person who is known to have joint beneficial ownership of a legal person or legal entity or any other close business relations with them;

- any natural person who has sole beneficial ownership of a legal person or legal entity known to have been set up de facto for the benefit of one of the persons mentioned hereinabove.

The client acceptance policy must specify the criteria and methods to be used to determine whether they are politically-exposed persons.


Professionals who maintain business relations with politically-exposed persons are required to monitor them closely on an on-going basis.

Due diligence measures shall also apply when it later transpires that an existing client is or becomes a politically-exposed person.

These measures of due diligence shall apply whether politically-exposed persons are clients, beneficial owners or proxies.

ARTICLE 26

The acceptance of clients who are likely to present particular levels of risk shall be subject to specific examination. This must be decided at an appropriate management level. These clients are in particular those:

- who request the opening of contractually-designated accounts as described in Article 3;

- who reside or are domiciled in a country or territory qualified as an uncooperative country or territory by international institutions for cooperation and coordination that are specialized in the fight against money laundering, terrorist financing or corruption;

- whose identification has been carried out remotely on the basis of a copy of substantiating documents;

- who, in application of the criteria stated in the 2nd paragraph of Article 24, are considered as likely to present a particular level of risk.

ARTICLE 27
(Amended by Sovereign Order n° 4.104 dated 26 december 2012)

If the client is a credit establishment or a financial institution governed by foreign law other than those described in Article 8 of the Act, the acceptance policy must:

- exclude entering into business relations or performing an occasional operation with an establishment or such an institution;

· that does not have any effective presence in the State where its statutory registered office is located and is not affiliated to a financial group which is subject to regulations meeting internationally-recognized recommendations concerning money laundering, terrorist financing and effective and consolidated supervision;

· or that can enter into business relations or perform operations with the establishments or institutions described in the previous point;

- base the decision to enter into business relations or perform the occasional operation contemplated on documents including:
· the full identification of the credit establishment or financial institution governed by foreign law, including the description of the nature of its activities;

· items on the basis of which the professional has checked that the credit establishment or financial institution governed by foreign law is not covered by the first point;

· all relevant publicly-available information based upon which the assessment of the reputation of the credit establishment or financial institution governed by foreign law has been made by the professional, including if applicable, information concerning any investigations or measures by competent local authorities with regard to infringements by the establishment or institution as regards the fight against money laundering and terrorist financing;

· all relevant publicly-available information concerning compliance with internationally-recognized recommendations on money laundering and terrorist financing, legal and regulatory provisions and mechanisms to fight against money laundering and terrorist financing in the country where the credit establishment or financial institution governed by foreign law is located;

- only authorize correspondent banking relations if:

· the purpose and nature of the relations contemplated as well as the respective responsibilities of the professional and the credit establishment or financial institution governed by foreign law within the context of these relations are agreed in writing beforehand;

· the decision to enter into business relations based on a satisfactory assessment of the controls carried out by the credit establishment or by the financial institution governed by foreign law, with a view to preventing money laundering and terrorist financing

· if payable-through accounts are opened by a credit establishment or a financial institution governed by foreign law, they must have previously guaranteed in writing that they have verified and implemented required due diligence measures with regard to clients having direct access to these accounts on the one hand, and that they are able to communicate without delay upon request relevant data to identify these clients on the other; the credit establishment or financial institution governed by foreign law shall undertake to communicate this data.

- acceptance to enter into business relations or to conclude a contemplated occasional operation with the credit establishment or financial institution governed by foreign law shall be submitted to a decision-making power at an appropriate management level.


CHAPTER VI
SPECIFIC PROVISIONS RELATING TO BUSINESS RELATIONS
AND OCCASIONAL OPERATIONS WITH REMOTELY-IDENTIFIED CLIENTS

ARTICLE 28
(Repealed and replaced by Sovereign Order n° 4.104 dated 26 december 2012)

Without prejudice to the provisions of Chapter VII on the duty of due diligence with regard to business relations and occasional operations, professionals entering into business relations or carrying out occasional operations for a client who is a natural person that they have identified remotely, are to implement procedures which:

- prohibit entering into business relations with or carrying out occasional operations for this client when there is a reason to believe that the client is trying to avoid physical contact so as to more easily dissimulate their true identity, or if they suspect the client’s intention to perform operations of money laundering, terrorist financing or corruption;

- impose, according to the risk, a verification within a reasonable time of the identity of these clients using substantiating documents in accordance with the first paragraph of Article 6;

- aim to gradually improve knowledge of the client;

- guarantee a first operation carried out by means of an account opened in the client’s name with a credit establishment.

CHAPTER VII
DUTIES OF DUE DILIGENCE WITH REGARD TO BUSINESS RELATIONS
AND OCCASIONAL OPERATIONS

ARTICLE 29

The duty of constant due diligence falling to professionals as laid down in the first paragraph of Article 4 of the Act includes that of checking and, if applicable, updating, within a time determined according to the risk, the identification data and other information described in Article 10 if they have reason to believe that this data is no longer current.

The updating of the identification data described in Article 3 of the Act requires that new data be verified using a substantiating document within the meaning of that Article and the provisions of this Order, a copy of which must be kept.

ARTICLE 30

Professionals are to give details in writing to their employees who are in direct contact with the client of the appropriate criteria allowing them to determine atypical operations to which they must pay particular attention, and which must be subject to a written report pursuant to the second paragraph of Article 11 of the Act. This examination shall include, in particular, the examination of their financial justification and their apparent legitimacy.

They shall also give details of the procedure for sending written reports to the person responsible for the prevention of money laundering and terrorist financing as described in Article 13 of the Act, as well as the times required to do this.

ARTICLE 31

The persons described in points 1 to 5 of the first article of the Act shall adopt a monitoring system which allows atypical operations to be detected.

The monitoring system must:

- cover all client accounts and their operations;

- be based on precise and relevant criteria fixed by each professional taking into account in particular the characteristics of the services and products that they offer and those of the clients targeted, and be sufficiently discriminating as to allow atypical operations to be effectively detected;

- allow these operations to be detected rapidly;

- produce written reports describing atypical operations which have been detected and the criteria provided for in the second point of this paragraph upon which they are based. These reports are to be sent to the person responsible for the prevention of money laundering, terrorist financing and corruption, as designated in Article 13 of the Act;.

- be automated, except if the professional can demonstrate that the nature and volume of the operations to be monitored do not require it or that alterative means implemented do not require it. The said means must have been approved beforehand by the Service d’Information et de Contrôle sur les Circuits Financiers;

- be subject to an initial validation procedure and a regular re-examination of its relevance with a view to adapting it, if necessary, according to developments in activities, the clientele or the environment.

The criteria determined in the second point of the previous paragraph shall take into account in particular the specific risk with regard to money laundering, terrorist financing or corruption which may be related to operations:

- carried out by clients who are natural persons and not physically present at the time when the operation is carried out;

- carried out by clients whose acceptance was subject to enhanced rules by virtue of the client acceptance policy described in Chapter IV;

- which concern unusual amounts, whether in absolute terms or with regard to the habits of the client in question in their relations with the professional.

A bank transfer or transfer of funds received for a client, for which precise and relevant information concerning the instructing party as laid down in the fifth paragraph of Article 4 of the Act is lacking, constitutes an atypical operation within the meaning of this Article.

ARTICLE 32

Professionals are to implement appropriate procedures in order to carry out the analysis, as soon as possible and coordinated by the person responsible for the prevention of money laundering and terrorist financing, of written reports pursuant to the second paragraph of Article 11 of the Act, in order to determine whether these operations or facts should be communicated to the Service d’Information et de Contrôle sur les Circuits Financiers in application of Chapter VI of the Act.

The written report, its analysis and, if applicable, the declaration of suspicion to which this analysis has led are to be kept, in line with the procedures defined in Article 10 of the Act, and held at the disposal of the Service d’Information et de Contrôle sur les Circuits Financiers.

CHAPTER VIII
DESIGNATION AND ROLES OF THE PERSON RESPONSIBLE
FOR THE PREVENTION OF MONEY LAUNDERING,
TERRORIST FINANCING AND CORRUPTION

ARTICLE 33
(Amended by Sovereign Order n° 4.104 dated 26 december 2012)

The person or persons who are responsible for the prevention of money laundering, terrorist financing and corruption as designated in Article 13 of the Act shall be appointed by the effective management body of each professional, which must ensure prior to this that these persons meet the conditions for good character which are required to fully exercise their authority and that their number and qualifications, as well as the means made available to them, are adapted to the activities, size and locations of the professional.

This person or these persons must have professional experience at senior level and, within the establishment employing them, the necessary power to ensure effective and independent exercising of their authority.

Generally, they must ensure compliance by the professional with all of its obligations with regard to the prevention of money laundering, terrorist financing and corruption and, in particular, the implementing of an adequate administrative organization and adequate internal controls. To this end, they shall have the power to propose all necessary or appropriate measures to the management of the professional.

In particular, they shall organize and implement, under their own authority, procedures for the analysis of written reports established pursuant to the second paragraph of Article 11 of the Act, as well as procedures for the declaration to the Service d’Information et de Contrôle sur les Circuits Financiers, carried out in line with Chapter VI of the Act.

They shall monitor the training and awareness of personnel in accordance with Article 12 of the Act and Article 34 of this Order.

They shall be the designated correspondents for the Service d’Information et de Contrôle Sur les Circuits Financiers for all questions concerning the prevention of money laundering, terrorist financing and corruption.

At least once a year, they are to establish and send an activity report to the management body of the professional on the conditions under which the prevention of money laundering, terrorist financing and corruption has been enforced.

This report must, in particular, allow:

- presumed attempts to commit offences which have been detected to be assessed;

- a judgement to be given as to the adequacy of the administrative organization, internal controls implemented and the cooperation of the professional’s departments with regard to the prevention of these offences, taking into account the activities, size and locations of the professional;

- the main actions carried out with regard to the internal monitoring of provisions concerning the fight against money laundering, terrorist financing and corruption to be described and those which are planned to be presented;

- significant changes made as part of the controls during the reference period to be described, in particular to take into account developments in activities and risks.

A copy of this annual activity report is to be sent systematically to the Service d’Information et de Contrôle Sur les Circuits Financiers and, if applicable, to the professional’s auditors.

If, in application of Article 13 of the Act, no officer is appointed in Order to prevent money laundering, terrorist financing and corruption, the professional is still obliged to write an annual Activity report concerning the methods used to prevent money laundering and the terrorist financing and corruption.

CHAPTER IX
TRAINING AND RAISING THE AWARENESS OF PERSONNEL

ARTICLE 34

The obligation to train and to raise awareness with regard to the prevention of money laundering, terrorist financing and corruption as described in Article 12 of the Act concerns members of the professional’s personnel whose duties:

- include being in contact with clients or for whom operations expose them to the risk of being faced with attempts at money laundering, terrorist financing or corruption;

- or consist of developing procedures or computer tools or other tools that are to be applied to activities which are sensitive in view of this risk.

Training, awareness-raising and regular information of personnel have the particular aim of:

- acquiring knowledge and developing the critical approach necessary to detect atypical operations;

- acquiring the knowledge of procedures which is necessary to react to such operations in an adequate way;

- including the problem of prevention of money laundering, terrorist financing and corruption in procedures or tools developed to be applied to activities which are sensitive in the light of such a risk.


CHAPTER X
THE SERVICE D’INFORMATION ET DE CONTROLE SUR LES CIRCUITS FINANCIERS

ARTICLE 35
(Amended by Sovereign Order n° 4.104 dated 26 december 2012)

The Service d’Information et de Contrôle sur les Circuits Financiers may propose any legal or regulatory development that it considers necessary with regard to the fight against money laundering, terrorist financing and corruption.

It may disseminate any instruction or recommendation that it considers necessary with regard to the application of the measures laid down by the Act and this Sovereign Order.

As a part of the Service d’information et de Contrôle sur les Circuits Financiers’ duties, they Act independently and receive no instruction from any authority.

ARTICLE 36

The Service d’Information et de Contrôle sur les Circuits Financiers is designated as the specialized authority in the fight against corruption within the meaning of the Council of Europe Criminal Law Convention on Corruption of 27 January 1999.

ARTICLE 37
(Repealed and replaced by Sovereign Order n° 4.104 dated 26 december 2012)

The Service d’Information et de Contrôle sur les Circuits Financiers shall be in charge of monitoring compliance by professionals with the provisions of the Act and its implementing measures.

To this end, it may carry out inspections of documents and on-site inspections, without professional secrecy being enforceable against it, and under the conditions set by Articles 18 and 19 of Act 1144 of 26 July 1991 referred to above, in particular:

- access all premises for professional use,

- carry out all operations of verification that it considers necessary and ensure the implementation of the procedures described in Chapter VII, of the monitoring system provided for in Article 31, and the measures for the training and raising of awareness of personnel laid down in Article 34,
- have all contracts, books, accounting documents, supporting documents, registers of minutes, audit and inspection reports and all professional documents sent to them, and make copies of these documents if necessary;
- collect any information or evidence which is relevant to their duties from directors or representatives of the professionals, as well as any other person, as part of the duties that are assigned to the SICCFIN.

ARTICLE 37 bis
(Added by Sovereign Order n° 4.104 dated 26 december 2012)

If there is an on-site inspection, the Service d’information et de Contrôle sur les Circuits Financiers will write a report, following the stages listed below:

- A draft report, which can be subject to a debate, is sent to the establishment during a meeting where the head of mission will verbally reproduce the main observations made to the directors or the representatives of the professional. The professional may ask the head of mission, in light of the draft report, to correct any factual errors, to include any items which the latter was unaware of or to acknowledge differing points of view.
- The head of mission, after they have completed an additional examination of the facts, bearing in mind the additional items brought to their attention by the professional, writes a draft report and sends it to the professional. The professional has two calendar weeks to bring these written observations to the attention of the head of mission. On exceptional occasions and following a written, reasoned request on behalf of the professional, additional time may be granted. The head of mission will respond to the observations made by the professional.

- The written observations of the professional and the responses of the head of mission are featured in the appendices of the draft report which was sent beforehand. All of the above constitutes a final report, which is signed by the head of mission and sent to the directors or representatives of the professional.

If need be, the procedure described in the previous paragraphs can be simplified, following a decision made by the Director of the Service d’information et de Contrôle sur les Circuits Financiers.

In the event of an emergency or other requirement to prepare a statement of findings for acts or action which are liable to constitute a gross misunderstanding of or serious breach of the provisions of the Act, as well as its implementation provisions, the officials from the Service d’information et de Contrôle sur les Circuits Financiers may draw up reports. These reports, which are drawn up by the head of mission, detail the findings which are liable to constitute a misunderstanding or serious breach of the provisions which are applicable to the professional who is being inspected. They detail the nature, date and place of the findings made and are signed by the head of mission and the director or representative of the professional. In the event that the director or representative refuses to do this, this is mentioned in the report.

ARTICLE 38
(Repealed and replaced by Sovereign Order n° 4.104 dated 26 december 2012)

Without prejudice to any application of the provisions of Article 39 of the Act, in the event that the Service d’information et de Contrôle sur les Circuits Financiers finds, as part of their duties, that there is a misunderstanding or serious breach of concerning the provisions of the Act or its implementation provisions, they shall address a letter to the professional concerned instructing the latter to take appropriate measures to remedy this. This should occur, if appropriate, within a specific timeframe, and the Service d’information et de Contrôle sur les Circuits Financiers may ask that regular reports concerning the progress of the implementation of these measures be submitted.

If the measures required are not implemented, the provisions of Article 39 of the Act are applicable.


CHAPTER XI
INFORMATION WHICH MUST ACCOMPANY ELECTRONIC TRANSFERS

ARTICLE 39

Professionals must accompany bank transfers and transfers of funds that they perform, as well as messages relating thereto, with precise and relevant information concerning the instructing party for these operations.

ARTICLE 40

Cross-border bank transfers and transfers of funds issued by professionals to a financial institution in another country must be accompanied by the following information concerning the instructing party:

- their name;

- their account number;

- if there is no account number due to the professional’s activity, a unique reference number;

- their address or a client identification number or their date and place of birth.

ARTICLE 41

Bank transfers and transfers of funds which are national or performed through the CORE system must include information concerning the instructing party pursuant to the previous Article, unless this information can be made available to the financial institution of the beneficiary and the Service d’Information et de Contrôle sur les Circuits Financiers using other means within a period not exceeding three working days as from receipt of the request. In this case, professionals need only include the account number or a unique identification number that allows the traceability of the transaction to be ensured as far as the instructing party.

This rule shall apply even if the system used to perform these operations is located in another country.

ARTICLE 42

If the same instructing party performs several cross-border bank transfers and transfers of funds or transfers in batches, each operation may include only simplified information, that is the account number or unique identification number in accordance with the previous article, as long as the batch transfer includes full information concerning the instructing party.

If applicable, and after having ensured that they do not generate a high risk of money laundering, terrorist financing or corruption, bank transfers and transfers of funds of a permanent nature for salaries, annuities or pensions, even if they are not sent in batches, may be carried out according to the rules stated in this Article. In this case, full information concerning the instructing party is to be sent with the first transfer, when a permanent transfer is set up, and must be updated if there is a significant change in the characteristics of the operation.

ARTICLE 43

Professionals acting as intermediaries in a chain of payments must ensure that information contained in national and cross-border bank transfers and transfers of funds, as well as messages relating thereto, is kept and sent on.

ARTICLE 44

If the instructing party’s financial undertaking is located abroad and the professional acts as an intermediary in the Principality, the latter shall be bound by the provisions of this Article.

1°) Professionals acting as intermediaries may use a system of payment with technical limitations which do not allow information concerning the instructing party to accompany the transfer of funds in order to perform the transfer of funds to the beneficiary’s financial undertaking, as long as they note, when the transfer of funds is received, that the information required concerning the instructing party by virtue of this Order is missing or incomplete.

If professionals acting as intermediaries note missing or incomplete information, they shall only use such a system of payment if they can inform the beneficiary’s financial undertaking of this, either using a electronic message system or a payment system providing for this communication or using another procedure as long as the means chosen has been accepted or agreed between the two parties.

In the cases described in the two previous paragraphs, professionals acting as intermediaries shall keep all information received for a period of five years.

2°) If professionals acting as intermediaries use a payment system with technical limitations, they shall make available to the beneficiary’s financial undertaking upon request from the latter and within three working days of receipt of the request, all information received concerning the instructing party whether it is complete or not.

ARTICLE 45
(Amended by Sovereign Order n° 4.104 dated 26 december 2012)

If a professional receives bank and fund transfers with incomplete or missing information concerning the originator and additional checks that the professional has performed are not satisfactory, the professional must refuse the funds. This lack of information may constitute an element in an assessment of the suspect nature of the transactions and, therefore, lead to a suspicious transaction report, pursuant to the provisions of Chapter VI of the Act.

If a financial undertaking regularly omits to provide required information for an instructing party, professionals are to take measures which may, at first, include the issue of warnings and the fixing of deadlines, before either rejecting all further transfers of funds from that financial undertaking or deciding, whether relevant or not, to restrict their commercial relations with that financial undertaking or to put it to an end. They shall inform the Service d’Information et de Contrôle sur les Circuits Financiers of this.

ARTICLE 46

The information relating to bank transfers and transfers of funds indicated in this Chapter must be held at the disposal of the Service d’Information et de Contrôle sur les Circuits Financiers and sent to it immediately when requested.

CHAPTER XII
LIAISON COMMITTEE AND CONTACT GROUP

ARTICLE 47
(Amended by Sovereign Order n° 4.104 dated 26 december 2012)

Under the authority of the Minister of State, a Liaison Committee has been created as part of the fight against money laundering and terrorist financing.

The purpose of this Committee is to ensure the reciprocal exchange of information between the Departments of the State concerned by the fight against money laundering, terrorist financing and corruption and professionals, as well as to be aware of any questions of common interest so as to improve the effectiveness of the measures implemented, in particular through the exchange of information concerning the trends and developments in methods and techniques used in money laundering, terrorist financing and corruption.

This Committee, which is presided over by the Minister of Finance and Economy, who is assisted by the Director of the Service d’information et de Contrôle sur les Circuits Financiers, includes:

- the Secretary of Justice or his representative;

- the Public Prosecutor or his representative;

- the Minister of the Interior for Internal Affairs or his representative;

- the Police Commissioner or their representative, who is specifically responsible for the fight against money laundering and terrorist financing;

- the Director of the Budget and Treasury or their representative, who is specifically responsible for collecting information concerning the freezing of funds for the purposes of the fight against terrorism and/or the enforcement of economic sanctions;

- the Director of the Service d’information et de Contrôle sur les Circuits Financiers or his representative;

- the Head of the Gambling Authority or his representative;

- representatives of each category of professionals that are referred to in the initial Articles of the Act are appointed for a duration of three years by ministerial Order based on their capabilities and, if applicable, based on suggestions from the professional body or board of which they are a member.

In the case of incapacity or absence of the Government Councillor for Finance and Economic Affairs, the Director of the Service d'information et de Contrôle sur les Circuits Financiers shall chair the Committee.

ARTICLE 48

The Service d’Information et de Contrôle sur les Circuits Financiers shall act as secretary for the Committee.

The Committee may appoint, as needed, any qualified person who intervenes in or exercises an activity in the field of the fight against money laundering and terrorist financing.

The representatives of each category of professionals described in the 7th point of the third paragraph of Article 47 shall be in charge of disseminating the information communicated during Committee meetings to the professionals that they represent.

The Liaison Committee is to meet at least twice a year when notice is given by the Chairman, who shall set the agenda. To do this, he may request opinions from other members.

They may request that he hold an extraordinary meeting concerning an important and urgent question.

ARTICLE 48 bis
(Added by Sovereign Order n° 4.104 dated 26 december 2012)

A Contact group for the fight against money laundering and terrorist financing was established under the authority of the Minister of Justice.

The aim of this Group is to ensure that there is a mutual exchange of information between criminal prosecution authorities and the State services involved in the fight against money laundering and the terrorist financing and corruption. This Group is also responsible for being aware of any issue of common interest in Order to improve the effectiveness of operational cooperation and coordination mechanisms which are implemented.

This Group, which is presided over by the Secretary of Justice, includes:
- the Secretary of Justice or his representative, who may be assisted by members of the Department of Justice;
- the Public Prosecutor or his representative, who may be assisted by members of the Public Prosecution Office;
- the Examining Judges;
- the Police Commissioner or his representative, who may be assisted by members of the Police Department who are specifically responsible for the fight against money laundering and terrorist financing;
- the Director of the Service d’information et de Contrôle sur les Circuits Financiers or their representative, who may be assisted by members of the Service d’information et de Contrôle sur les Circuits Financiers.

If the Secretary of Justice is unable to attend or absent, the Public Prosecutor shall preside over the Group.

The Contact group may designate, when needed, any qualified individual who works or is active in the field of the fight against money laundering and terrorist financing.

The Department of Justice shall Act as secretary for the Group.
The Contact group shall meet at least twice a year and is convened by the Chairperson, who shall set the agenda. To do this, the Chairperson may collect the opinions of the other members. The other members may ask the Chairperson to hold an extraordinary meeting for important and urgent issues.

CHAPTER XIII
MISCELLANEOUS PROVISIONS

ARTICLE 49
(Amended by Sovereign Order n° 4.104 dated 26 december 2012)

The amount stated in the first point of the second paragraph of Article 1 of the Act is fixed at the sum of EUR 750 000.

The amount stated in the second point of the second paragraph of Article 1 of the Act is fixed at the sum of EUR 1,500.

The percentage stated in the third point of the second paragraph of Article 1 of the Act is fixed at 3 %.

The amount stated in the second point of the second paragraph of Article 3 of the Act is fixed at the sum of EUR 15,000.

The amounts provided for in the ninth paragraph of Article 4 of the Act are fixed at a sum of 3000 euros, for board games and slot machines.

The amount stated in the second paragraph of Article 7 of the Act is fixed at the sum of EUR 1,500.

The number of employees stated in the first paragraph of Article 13 of the Act is fixed at 1 person.

The amount stated in the second paragraph of Article 33 of the Act is fixed at EUR 400,000.

The number of employees stated in the second paragraph of Article 33 of the Act is fixed at 3 persons.

The amount stated in Article 35 of the Act is fixed at the sum of EUR 10,000.

ARTICLE 50

The Police Commission is designated as being the monitoring authority referred to in Article 35 of the Act.

The declaration described in Article 35 of the Act must be made using a form made available to the public and complying with the model annexed hereto.

ARTICLE 51

The following are repealed:

Sovereign Order 11160 of 24 January 1994 setting the conditions for application of Act 1162 of 7 July 1993 relating to the participation of financial undertakings in countering money laundering and terrorist financing, as amended;

Sovereign Order 11246 of 12 April 1994 constituting a Service d'Information et de Contrôle sur les Circuits Financiers (Financial Circuits Information and Control Department – SICCFIN), as amended;

Sovereign Order 16552 of 20 December 2004 creating a liaison committee for countering money-laundering and the financing of terrorism, as amended.

ARTICLE 52

Our Secretary of State, Our Minister of Justice and Our Minister of State shall be in charge of enforcing this Order, each within their area of authority.



Done at our Palace in Monaco on the third of August 2009.


ALBERT.


By the Prince,
The Secretary of State:
J. BOISSON.


------------------------



Department of Finance and the Economy
---
DECLARATION CONCERNING THE TRANSPORT OF CASH AND BEARER INSTRUMENTS FOR A TOTAL VALUE EXCEEDING EUR 10,000-
---
Declaration made to the competent Monegasque authorities pursuant to
Article 35 of Act 1362 of 3 August 2009
on the fight against money laundering, terrorist financing and corruption




Type of declaration: Arrival in the Principality of Monaco
Leaving the Principality of Monaco

Person making the declaration:

Surname: ……….………..………............................... First name: …….............................
Date of birth: .... / .... / ........ Place of birth: …….............................
Nationality: ……............................. Passport number: ……........................
Main address: ……….………..………............................…………………………………………………….
…………………………………….………..………............................…………………………………………………….

…………………………………….………..………............................…………………………………………………….

Instructing party (in the case of transfers on behalf of a third party)2: are

Surname or Business name: …….………..………............................... First name: …...........................
Main address or Registered office: ……….………..………....................….………………………………….
…………………………………….………..………............................…………………………………………………….

…………………………………….………..………............................…………………………………………………….

Beneficiary of cash and bearer instruments3:

Surname or Business name: …….………..………............................... First name: …...........................
Main address or Registered office: ……….………..………....................….………………………………….
…………………………………….………..………............................…………………………………………………….

…………………………………….………..………............................…………………………………………………….

Means of transport: Air – Flight n° ………….
Sea - Name of vessel: ………….………….….Flag: ….……….………...
Road - Vehicle registration: ….……….………….………………….
Train - Train number: ………….……………

Itinerary for the transport of cash and bearer instruments:
Country of departure: ……............................. Country of destination: …….............................

Nature and amount of cash and bearer instruments transported4:
Type (cash, cheques, other bearer instruments)
Currency
Amount
Exchange value in euros
TOTAL:
Source and use of cash and bearer instruments transported:

Financial provenance5:
……….………..………...................….……………………………………………….
Intended use
6: ……………………….………..………....................….……………………………………………….
…………………………………….………..………............................……………………………………………………

I the undersigned declare that I am the bearer of the sums, instruments or securities listed above. This is a full and precise declaration. The obligation to make a declaration shall not be considered to have been fulfilled if the information provided is incorrect or incomplete. Any non-declaration, incorrect or incomplete declaration shall be subject to the penalties described in Article 42 of Act 1362 of 3 August 2009 on the fight against money laundering, terrorist financing and corruption.

Declaration made in ……............................., on .... / .... / ........

Signature


EXPLANATORY NOTE

1 The person concerned is the natural person making the declaration, i.e. the natural person who is transporting the cash and bearer instruments.

2 Do not complete if the transfer is on your own behalf.

3 The beneficiary of the cash and bearer instruments is the natural or legal person to whom this cash and these bearer instruments are to be given, whether as part of a commercial transaction or not. If this person is unknown, indicate “not yet known”. If the person declaring is keeping the cash and bearer instruments, they shall indicate their name a second time.

4 By “bearer instruments” is meant negotiable bearer instruments such as travellers’ cheques, negotiable instruments (including cheques, promissory notes and money orders) either made out to the bearer, or endorsed without restriction, or established to the order of a fictitious beneficiary or presented in any other form such that the ownership of the instrument is assigned when it is transferred, and incomplete instruments (including cheques, promissory notes and money orders) that are signed but upon which the name of the beneficiary has not been indicated.

Example of a completed table:
Type (cash, cheques, other bearer instruments)
Currency
Amount
Exchange value in euros
Cash
EUR
7,500-
7,500-
Cash
USD
3,000-
2,300-
Travellers’ cheques
EUR
2,000-
2,000-
TOTAL:
11,800-
5 This point concerns financial provenance, not geographical provenance. For example: savings, inheritance, proceeds of a sale, working capital, etc.

6 For example: purchase, payment of a service, etc.

IMPORTANT

If you have any questions or you have difficulties completing this form, please ask for information from authorized agents before handing in your signed declaration.

The lodging of this declaration with the Monegasque authorities does not exempt you from any obligation of declaration in the State where you are going.

Last updated: April 19, 2017 (11:38) Copyright © 2017 Service Informatique du Ministère d'Etat www.gouv.mc