Legal news \u2502 Monaco – Banking – Credit institution – Natural person – Legal entity<\/p>\n
07.2020<\/p>\n
Law No. 1.492 of 8 July 2020 relating to the introduction of the right to a bank account<\/strong><\/span> (Journal de Monaco<\/em> N\u00b0 8495 of 17 July 2020) stems from Bill No. 991 relating to the introduction of a right to a bank account voted in the Public Session of 30 June 2020, which is the result of the transformation of Bill No. 232 adopted on 24 October 2017.<\/strong><\/p>\n The text introduces the right to a bank account<\/span> (access to basic banking services), and also provides for the obligation to open a bank account in a credit institution in Monaco<\/span> for any natural person exercising a professional, craft, commercial or industrial activity (for the exercise of his\/her professional activity), as well as for any any public limited company, general partnership, limited partnership, limited partnership with shares or limited liability company [soci\u00e9t\u00e9 anonyme, soci\u00e9t\u00e9 en nom collectif, soci\u00e9t\u00e9 en commandite simple, soci\u00e9t\u00e9 en commandite par actions, soci\u00e9t\u00e9 \u00e0 responsabilit\u00e9 limit\u00e9e]<\/em> (exclusively for the exercise of his\/her professional activity).<\/strong><\/p>\n Law No. 1.492 is to be supplemented by Ministerial Order, which will set out the list of documents to be provided to the credit institution in order to open the account.<\/p>\n The following persons without a deposit account are entitled to open a deposit account in a credit institution in the Principality,<\/span> in compliance with the legislation and regulations on the fight against money laundering, corruption and the financing of terrorism :<\/strong><\/p>\n \u2022 Any natural person of Monegasque nationality;<\/p>\n \u2022 Any natural or legal person domiciled in Monaco within the meaning of Article 2 of the Code of Private International Law (A person of foreign nationality holding a residence permit is presumed, in the absence of proof to the contrary, to be domiciled in the Principality. Legal entities having their registered office in the Principality are deemed to be domiciled there).<\/p>\n \u2022 Any natural person who is in the process of settling there and who, in this respect, holds the receipt for the corresponding administrative authorisation application;<\/p>\n \u2022 Any legal entity being set up in Monaco and which can justify the completion of the administrative formalities required for this purpose;<\/p>\n \u2022 Any financial agent appointed by the candidate(s) for election pursuant to Article 11 of Law n\u00b0 1.389 of 2 July 2012, for the purposes of carrying out the missions assigned to him\/her in application of the provisions of this text.<\/p>\n