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Our KYC Obligations

As a legal & tax law firm established in Monaco, we need to comply with Monegasque anti money laundering regulations which require us to obtain evidence of your identity before we start our business relationship.

The following steps define exactly what information we need and the format in which it needs to be supplied. If, at any stage, you need further guidance, we will be available to assist you on this preliminary step.

1.  Your identity

We need a certified true copy of a document evidencing your name and another evidencing your address. We cannot accept simple scanned copies, but if you stop by our office, we can make a copy of the document for you and certify it.

  • Current signed passport;
  • European identity card;
  • Residence permit.

2.  Your address

One of the following original or certified true copy (no more than 3 months old):

  • An official certificate of residence;
  • A recent bill for gas, electricity, home telephone or other utility;
  • A current local tax statement;
  • A statement from a bank or a financial institution.

If you have your mail sent to a PO Box, we still need to know and confirm your residential address. We also have to be able to link this PO Box number to your residential address.

3.  Letter of reference

Letter of reference from a professional source who has known the individual for at least one year (e.g. bank, notary, lawyer, chartered accountant) stating that the individual is considered to be reputable and would not be expected to be involved in trafficking in illicit drugs, organized criminal activity, or terrorism.

4. Business background

To meet legal requirements, we need to establish your current business background. It must be supported with documents, data or reliable sources of information, for instance:

  • Summary;
  • Extract of commercial registry;
  • Commercial Brochures;
  • Annual reports;
  • Paper news articles;
  • Board appointment.

5.  Confirming your original source of funds (on a case by case basis)

To meet legal requirements, we may also need to establish the original source of the money you use to fund a Company/Trust/Foundation.

6.  Additional Documentation (if a Company / Trust / Foundation is involved)

Depending on the type of structure you want us to set up you will need to provide additional documentation.

 

Data Protection

The Monaco Data Protection Act puts obligations on users of personal information and lays down principles for its use. One principle states that information has to be processed fairly and lawfully. This means that you are entitled to know how we intend to use any information you provide and to check that the information we hold is correct.

You may contact us at any time if you wish to check the accuracy of the data we hold on file.

In accordance with our legal obligations we are committed to take the necessary precautions in order to safeguard personal information held in our records, and to prevent it from being misused, damaged or communicated to unauthorized third parties.

 

Useful websites:

SICCFIN “Service d’Information et de Contrôle sur les Circuits Financiers”

The national central authority responsible for collecting, analyzing and disseminating information related to the fight against money laundering, terrorist financing and corruption.

www.siccfin.gouv.mc

Monegasque money laundering regulation: Law 1362 of August 2009 and Sovereign Order 2318 of 3 August 2009

www.siccfin.gouv.mc/364/wwwnew.nsf/1909!/x2Gb?OpenDocument&2Gb

CCIN “’Commission de Contrôle des Informations Nominatives” The administrative body governing data protection in the Principality of Monaco.

www.ccin.mc