Country Manual Credits
Monaco – Update 2025
out of Credit Institution’s Country of Establishment (RT, BT & Def)
| Source of changes | Answers |
|---|---|
| Law / Regulation | No |
| New Position of the Authorities | No |
| Evolution of Expert’s Interpretation | No |
Regulatory Template, Behaviour Template and Definitions and Concepts
Material changes
The Country Manual has been reviewed to ensure that the content of all documents remains up to date.
Since the last publication of this Country Manual, the law on data protection has been revised. As a result, Law no 1.565 of 3 December 2024 replaces Law no 1.165 of 23 December 1993 and integrates international standards resulting from the Convention 108+ and the GDPR.
Non-material changes
The present Country Manual Credits has been adapted to align with the Country Manual Private Banking, notwithstanding that the Monegasque regulatory framework remains unchanged. The main amendments reflect that:
The Monegasque legislation applies to activities undertaken both onsite and via remote means of communication from abroad;
There is no legal definition of solicitation as such, and it is unclear whether general prospecting activities are already considered solicitation or not;
There are no formal rules covering reverse solicitation for banking services, in or into Monaco;
Formally, qualified prospects/clients are subject to the same rules as non-qualified ones. However, in practice, the approach seems to be less restrictive for qualified prospects/clients.
The changes can be summarised as follows:
The conditions to be satisfied in case of tolerated activities might also have been adapted, please check the Behaviour Template and the Regulatory Template for more details.
Onsiteactivities
Prospection: the answers are, in general, less restrictive (i.e. the answers were “NO” and are now “Grey zone/NO” for non-qualified prospects and “Grey zone” for qualified ones, for active and passive activities);
Negotiation: No changes, i.e. the answers all remain “NO”, be it actively or passively.
Activities via remote means of communication:
Prospection and negotiation: the answers mainly remain the same, except the ones regarding non-qualified prospects (i.e., the answers are “Grey zone” instead of the previous “Grey zone/Yes”).
For more information, please contact us: info@brpsa.com
Geneva, May 22nd 2025