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Monaco’s banking sector: Facts & Figures

Updated December 2020 – For earlier editions of Facts & Figures click here

Monaco’s financial marketplace dates back to the end of the nineteenth century, when the first deposit banks opened in the Principality. Most of these banks were French. However, the financial industry did not really take off until the 1970s, when expansion was stimulated by an imaginative and active policy on the part of the public authorities and by the effect of a long period of economic growth and political and social stability.

Today, Monaco has a very extensive banking network, comprising around thirty full-service banks and sixty portfolio or mutual fund management companies.

The banking and finance industry is now one of the strengths of the Principality’s economy. Monaco’s continued attraction as a financial centre is not surprising in light of its wide range of exceptional advantages that include:

  • high quality infrastructure and dedicated professionalism;
  • a diversified economic base ;
  • an attractive tax regime.

All of the banks operating in Monaco belong to leading banking groups. Half of the industry’s assets belong to non-resident customers from all over the world including Asia-Pacific.

Under various agreements between France and Monaco, Monegasque banks are supervised by the Prudential and Resolution Supervisory Authority (Autorité de Contrôle Prudentiel et de Résolution [ACPR]) and are therefore subject to the same prudential and regulatory rules as French banks. All supervisory activities are highly regulated, which guarantees the confidentiality of transactions carried out by financial institutions in Monaco.

Asset management companies are approved and controlled by the Commission de Contrôle des Activités Financières (CCAF), which is supported at the highest level by the Autorité des Marchés Financiers (AMF), the French market regulator.

Strong data protection regulation monitored by a local regulator, the Commission de Contrôle des Informations Nominatives (CCIN).

The industry provides a full range of private banking products and services, as well as a personalised approach to a highly demanding clientele. More importantly, it guarantees the confidentiality of “clean” money (see section below on “Confidentiality and the Drive Against Money Laundering”).

It also provides access to mutual fund management through a very broad array of investment funds covering every business sector and markets, including emerging markets.

The AMAF is an associate member of the European Banking Federation, the united voice of banks established in the European Union and European Free Trade Area.

Contributor: Denis Iozia