Modernisation of SICCFIN's control missions within banks

A protocol was recently signed between AMAF, the Monegasque Association of Financial Activities and SICCFIN, the Financial Circuits Information and Control Service, at the Ministry of State, under the chairmanship of the Government Councillor-Minister for Finance and the Economy, Jean Castellini. The purpose of this protocol is to reorganise and modernise the control missions carried out by the SICCFIN inspection teams within credit institutions.

AMAF Chairman Etienne Franzi and SICCFIN Director Michel Hunault signed the protocol. The latter explains: "The Covid crisis has accelerated the implementation of this new framework. We cannot ignore the evolution of the work of professionals during a pandemic: teleworking, modernisation of transmissions, etc. We have tried, in the midst of difficulty, to make the most of it. "The trusting relationship between SICCFIN and AMAF is based on mutual requirements," he concluded. The Monegasque financial centre is very involved with SICCFIN in the fight against money laundering and terrorist financing, as we know. "Our attractiveness is at stake," says Etienne Franzi, who continues: "The association has fully endorsed Michel Hunault's proposal to update the modalities of on-site controls, the last version of which dates back to June 2012. These controls are an essential part of the anti-money laundering system, making it possible to ensure that each institution has the most effective means in the perpetual chase between the launderers' arrow and the institutions' shield". For his part, Emmanuel Montigaud, President of AMCO, the Monegasque Association of Compliance Officers, emphasised the close relationship with AMAF, which enables practitioners to shed light on difficult issues.

The main changes in the text concern data exchange and the definition of the main documents and information required for on-site inspections to be carried out. It is also a demonstration of the quality of the relationship between the financial centre and the supervisory authorities. I would like to salute the quality of the work and the state of mind that now animates the day-to-day work of the regulator, the supervisor, and the subjects of the banking profession. This state of mind has been demonstrated in the work of the National Risk Assessment, soon to be finalised. There is no doubt that it will also animate us in the perspective of the MONEYVAL evaluation and that we can count on the support of the AMAF. Today's agreement ensures that we speak with one voice and pursue the same interests.