Summary
This document is a guide detailing the Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations in Monaco, specifically focusing on identity verification requirements. It outlines the legal framework established by 'Law No. 1.462 of 28 June 2018', which aligns with the EU's Fourth AML Directive and FATF recommendations. The guide specifies the necessary due diligence requirements, including the identification attributes needed for verifying a natural person, such as first name, surname, and address. It also describes compliant Customer Due Diligence (CDD) methods, including the verification of identity through independent documents and real-time video sessions. Additionally, the document lists the types of proof of identity and address accepted in Monaco, and emphasizes the importance of ongoing identity verification in high-risk situations. The guide concludes with the stipulation that data must be retained for a minimum of five years to comply with AML and KYC obligations.
