Since the assessment was undertaken, this has been superceded, in October 2002, by a revised methodology endorsed by FATF, the Fund, and the World Bank.
Source: Department of Finance and the Economy, Direction du Budget et du Trésor, The Insurance Industry in Monaco, June 6, 2001.
Financial service providers should ensure that the criteria relating to customer due diligence are also applied to branches and majority-owned subsidiaries located abroad, subject to local laws and regulations.
The FIU is a central, national agency responsible for receiving (and, as permitted, requesting), analyzing, and disseminating to the competent authorities, disclosures of financial information (i) concerning suspected proceeds of crime; or (ii) required by national legislation or regulation, in order to counter money laundering.
“Transmission of orders” is interpreted by the Monegasque authorities to mean that the investment firm may pass an order to a brokerage firm for execution but may not itself execute an order or be a member of an exchange.