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SICCFIN's Supervision Unit has acquired a new tool, the "STRIX"

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As part of its development, SICCFIN's Supervision Unit has acquired a new tool, "STRIX", in order to formalise and document its risk-based approach, in accordance with the international standards laid down by the FATF, which in Monaco are set out in article 58-1 of Act 1.362 of 3 August 2009, as amended: https://ft-solutions.com/form-filler-experience/

 

To this end, it will gradually replace the annual questionnaires on the SICCFIN’s website with new, enhanced questionnaires specific to the activities of the obliged entities referred to in Article 1 of the aforementioned law.

As before, the questions included in these questionnaires will remain focused on statistical aspects relating in particular to the professional's activity, internal procedures, training, risk-based approach, internal controls and statistics concerning the past year.

Those subject to Article 1 of Act N° 1.362 are therefore invited to contact SICCFIN in order to update the data of the persons responsible according to Article 27 of the same Act, specifying the professional’s contact address to whom the link to the new annual form will be sent to the relevant entity.

This new data collection process has been designed to ensure a high level of security through the use of adequate infrastructures and the choice to limit the need to collect personal data to a minimum.

The additional regulations required to provide a framework for the system were published in the Journal de Monaco no. 8.614 of 28 October 2022 in the form inserting an article 35-2 in Sovereign Order no. 2.318 of 3 August 2009, as amended, and the publication of Ministerial Order no. 2022-553 setting out the procedures for communicating the above-mentioned questionnaires.

These texts can be consulted via the following links:

-Sovereign Order n° 9.510 of 20 October 2022 amending Sovereign Order n° 2.318 of 3 August 2009 setting the conditions for application of Act n° 1.362 of 3 August 2009 on the fight against money laundering, terrorist financing and corruption, as amended

https://journaldemonaco.gouv.mc/Journaux/2022/Journal-8614/Ordonnance-Souveraine-n-9.510-du-20-octobre-2022-portant-modification-de-l-Ordonnance-Souveraine-n-2.318-du-3-aout-2009-fixant-les-conditions-d-application-de-la-loi-n-1.362-du-3-aout-2009-relative-a-la-lutte-contre-le-blanchiment-de-capitaux-le-finan

-Ministerial Order n° 2022-553 of 20 October 2022 setting the conditions for the communication of questionnaires drawn up by the Service d'Information et de Contrôle sur les Circuits Financiers (SICCFIN).

https://journaldemonaco.gouv.mc/Journaux/2022/Journal-8614/Arrete-Ministeriel-n-2022-553-du-20-octobre-2022-fixant-les-modalites-de-communication-des-questionnaires-etablis-par-le-Service-d-Information-et-de-Controle-sur-les-Circuits-Financiers-SICCFIN

In order to allow obliged entities to familiarise themselves with these questionnaires which will be progressively available between the end of 2022 and during 2023, additional response time will be granted to them in the first year to enable them to comply with their obligation within a reasonable time. Failure to respond to the mandatory form will not initially give rise to a penalty. However, the compulsory nature of the response to the form will subsequently be supplemented by a sanction to ensure its effectiveness. This adaptation period should therefore be used to familiarise oneself with the new questionnaires.

In addition to aligning with the international standards governing the activities of the Supervisory Authorities, this new tool will contribute to a classification of risks by activity, according to the nature of the products or services offered, the conditions of the transactions proposed, the distribution channels used, the characteristics of the clients, the countries or geographical areas and the State or territory of origin or destination of the funds.

This will result in a better understanding of the risks by the Supervisory Authority, which will then be shared with the various categories of obliged entities which will find it helpful in implementing their own risk-based approach.

Furthermore, the targeting of specific risks will enable the Supervisory Authority to prioritize the actions to be taken and, in particular, to draw up thematic or specific missions, which will reduce the time spent on site by the inspection teams. For the obliged entities, this will mean less of constraints in terms of time and the comprehensiveness of the information to be made available to the inspectors.

These developments mark a decisive turning point in the work of the Supervisory Authority and in which the obliged entities will play a more central and proactive role.     

 

 

 

 

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