{"id":3483,"date":"2019-04-30T16:37:21","date_gmt":"2019-04-30T14:37:21","guid":{"rendered":"https:\/\/gbmlf.miam.dev\/?p=3483"},"modified":"2019-04-30T16:37:21","modified_gmt":"2019-04-30T14:37:21","slug":"draft-law-no-991-on-the-introduction-of-the-right-to-a-bank-account","status":"publish","type":"post","link":"https:\/\/gbmlf.miam.dev\/en\/draft-law-no-991-on-the-introduction-of-the-right-to-a-bank-account\/","title":{"rendered":"Draft Law No. 991 on the introduction of the right to a bank account"},"content":{"rendered":"<p><strong>Draft Law No. 991 on the introduction of the right to a bank account, tabled in public session on 3 April 2019, follows the law proposal No. 232 adopted on 24 October 2017.<\/strong><\/p>\n<p><strong>The text provides for the <u>right to the opening of a deposit account with the Monegasque credit institutions listed by ministerial decree<\/u> (and not any credit institution), for the following persons:<\/strong><\/p>\n<ul>\n<li><strong>Natural person of Monegasque nationality;<\/strong><\/li>\n<li><strong>Natural person domiciled or in the process of being set up at Monaco;<\/strong><\/li>\n<li><strong>Legal entity domiciled or in the process of being set up in Monaco;<\/strong><\/li>\n<li><strong>Financial agent appointed by the candidate (s) for an election for the purposes related to the performance of the assigned tasks.<\/strong><\/li>\n<\/ul>\n<p><strong>In addition, the text establishes for natural persons exercising a professional, craft, commercial or industrial activity and public limited companies, in the form of a general partnership, a simple partnership, a partnership limited by shares or with limited liability the <u>obligation to open a deposit account for the exercise of their professional activity<\/u> in a credit institution established in Monaco.<\/strong><\/p>\n<p>The proposed right to a bank account includes access to the following <u>basic banking services<\/u>:<\/p>\n<ul>\n<li>Opening, holding and closing of the account;<\/li>\n<li>One change of address per year;<\/li>\n<li>Issue of bank statement, on request;<\/li>\n<li>Domiciliation of bank transfers;<\/li>\n<li>Monthly statement of transactions made on the account;<\/li>\n<li>Realisation of cash transactions;<\/li>\n<li>Cashing of checks and bank transfers;<\/li>\n<li>Cash deposits and withdrawals at the counter and cash machines;<\/li>\n<li>Payments by direct debit, interbank payment or bank transfer;<\/li>\n<li>Means of remote consultation of the account balance, when the credit institution usually offers such services to its customers;<\/li>\n<li>Payment card for which each use is authorized by the credit institution which issued it;<\/li>\n<li>Two forms of bank checks per month, or equivalent means of payment offering the same services.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>CHAPTER I &#8211; RIGHT TO OPEN AN ACCOUNT <\/strong><\/p>\n<p>Article 1 &#8211; Principle<\/p>\n<p>Article 2 &#8211; Targeted persons, basic banking services, compliance with the legislation in force, in particular fight against money laundering, terrorist financing and corruption<\/p>\n<p>Article 3 &#8211; Conditions for the exercise of the right to open a deposit account<\/p>\n<p>Article 4 &#8211; Cases of natural persons acting in the course of their professional activity or as financial agent<\/p>\n<p>Article 5 &#8211; Cases of natural persons acting for their personal needs who have been the subject of an over-indebtedness procedure, or in a precarious financial situation<\/p>\n<p>Article 6 &#8211; Account opening period<\/p>\n<p>Article 7 &#8211; Grounds for rejection by the credit institution of the request to open an account<\/p>\n<p>Article 8 &#8211; Communication of the refusal grounds to the petitioner<\/p>\n<p>Article 9 &#8211; Reasons for unilateral termination by the credit institution<\/p>\n<p>Article 10 &#8211; Notification of unilateral termination<\/p>\n<p>Article 11 &#8211; Applicants who were the subject of an account termination because of a conviction for one of the offenses listed in Article 7<\/p>\n<p>Article 12 &#8211; Conditions of application set by Sovereign Ordinance<\/p>\n<p><strong>CHAPTER II &#8211; OBLIGATION TO OPEN AN ACCOUNT<\/strong><\/p>\n<p>Article 13 &#8211; Natural and legal persons obliged to open an account<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Draft Law No. 991 on the introduction of the right to a bank account, tabled in public session on 3 April 2019, follows the law proposal No. 232 adopted on [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":3477,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Draft Law No. 991 on the introduction of the right to a bank account - Giaccardi &amp; 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