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New regulatory obligation for SCPs/SCIs incorporated under Monegasque law

Updated: May 6



 


Designate the "RIE", person Responsible for Basic Information



Is your Monegasque entity covered by the new obligation in the Principality of Monaco to designate an RIE (person Responsible for Basic Information and information on their beneficial owners)?


The authorities have set a deadline of 15 December 2023 for compliance with this obligation.


 Who to appoint?


For non-trading companies with a bank account domiciled in Monaco: a natural person residing in the Principality among the partners, shareholders, managers or staff;


Or, otherwise: An accredited Monegasque professional. MUA, as a Multi Family Office, may act as RIE.


What does it involve?


The obligation to designate an RIE is part of the new measures taken by the Principality of Monaco to combat money laundering, the financing of terrorism and the proliferation of weapons of mass destruction and corruption; Article 22-1 of Law no. 1.362 of 3 August 2009.


The main tasks of the RIE will be to:


·       Keep basic, accurate and up-to-date information on legal entities and their beneficial owners;

·       Communicate information and updates to the DDE (Economic Development Department);

·       Keep information and documents relating to beneficial owners;

·       Respond to requests for information from the authorities and provide them with any other form of assistance.

We will be pleased to help you with these formalities.


Contact us by email to receive our proposal as soon as possible.   




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