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Meet the CCAF, the Monegasque financial regulator

With around thirty banks and fifty financial management companies in little more than two square kilometres, Monaco has built its internationally renowned banking and financial market on the three pillars of competency, stability, and confidentiality.

As a unique market, it is also regulated by a unique set of standards and rules.

Thus, Monaco has attracted many high-net-worth individuals, businessmen, famous people, and entrepreneurs to the Principality.

Who regulates the banking sector in Monaco?

Banking in Monaco is regulated by the Financial Activities Supervisory Commission, or CCAF for the initials of its name in French.

The CCAF is responsible for overseeing and supervising the financial sector in the principality, and it works to ensure the stability and integrity of the banking system in Monaco and protect the interests of depositors and investors.

How does the Monaco Financial Authority work?

The CCAF Monaco was established in 2016 to ensure the stability and transparency of the financial sector in Monaco and protect the interests of investors and consumers.

It is an independent administrative authority that operates under the supervision of the Prince’s Government.

The CCAF is responsible for the regulation of various financial activities, including banking, insurance, investment services, and financial markets.

Moreover, it has the power to grant and revoke licenses for financial institutions and professionals, and to impose sanctions on those who violate the rules and regulations.

Overall, it plays a crucial role in maintaining the integrity and reputation of the financial sector in Monaco, which is an important part of the economy of the Principality.

Banks in Monaco are mainly controlled by foreign groups headquartered mainly in France and Switzerland. There is just 1 bank only with domestic capital, making Monaco an international banking center.

Picture of Andreu Capmajó
Andreu Capmajó

Tax director

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