Protocol between finma suisse and siccfin Monaco regarding banking supervision

On April 29, 2019, in the presence of Jean Castellini, Government Counselor - Minister of Finance and Economy, Rupert Schaefer, Head of the Strategic Services Division and member of the Board of the Swiss Financial Market Supervisory Authority ( FINMA) and Philippe Boisbouvier, Acting Director of the Information and Control Service for Financial Circuits (SICCFIN) signed a reciprocal Memorandum of Understanding to enable them to cooperate in the execution of their respective missions to combat corruption money laundering and terrorist financing (AML / CFT).

The purpose of this protocol is to enable and facilitate the cross-border exchange of banking supervision information between FINMA and SICCFIN with regard to the different companies located in Switzerland or in the Principality, which belong to the same group .

The protocol also provides for the possibility for FINMA and SICCFIN agents when a parent company is established in Switzerland or Monaco to carry out on-the-spot checks of its subsidiaries or branches located in the other country.