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Monaco’s banking sector: Facts & Figures

Updated September 2018 – 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 fifty portfolio or mutual fund management companies.

The banking and finance industry is now one of the strengths of the Principality’s economy. Total assets have doubled in the past 15 years. By the end of 2016, credit institutions held about €115 billion in deposits and securities.

  • Monaco’s continued attraction as a financial centre is based on advantages that include high quality infrastructure and dedicated professionalism;
  • a diversified economic base and an attractive tax regime.

All of the banks operating in Monaco belong to leading banking groups. Some 70% of the industry’s assets belong to non-resident clients from across Europe and sub-Saharan Africa, the Middle East, Latin America and Asia-Pacific.

Under various agreements between France and Monaco, Monegasque banks are supervised by the Prudential Supervisory Authority (Autorité de Contrôle Prudentiel [ACP]) and are therefore subject to the same prudential and regulatory rules as French banks. All supervisory activities are strictly 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.

The industry provides a full range of private banking products and services, as well as a personalised approach to a highly demanding clientele. 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. 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

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