Ask Reggi Your Question Now
Can you summarize Loi No. 1.165/1996 consolide par la loi No.1,462/2018 (in French)?
Monaco Laws - Others > Loi No. 1.165/1996 consolide par la loi No.1,462/2018 (in French)
Short Summary
This legal document is a modification of the law on the fight against money laundering, financing of terrorism, and corruption. It applies to various entities such as banks, payment institutions, insurance companies, gaming houses, real estate professionals, and sports agents. The document outlines the obligations of these entities in terms of customer due diligence, risk assessment, and record-keeping. It also specifies the requirements for identifying and verifying the identity of clients, as well as the measures to be taken for transactions involving high-risk clients or politically exposed persons. The document further addresses the obligations related to cross-border transfers of funds, correspondent banking relationships, and the identification of beneficial owners. Additionally, it introduces provisions for simplified due diligence for low-risk relationships and enhanced due diligence for high-risk relationships. The document does not specify any penalties for non-compliance.
Whom does it apply to?
Various entities including banks, payment institutions, insurance companies, gaming houses, real estate professionals, and sports agents
What does it govern?
Modification of the law on the fight against money laundering, financing of terrorism, and corruption
What are exemptions?
Occasional financial activities that meet certain conditions
What are the Penalties?
Not specified in the document
Jurisdiction
Monaco