Confidentiality of information collected by banks and portfolio management companies
Managers and employees of banks operating in the Principality are bound by the rules of professional secrecy. A breach of these rules may be prosecuted under the provisions of Article 308 of the Penal Code.
This commitment is designed to protect customers’ interests and create the confidence required for the banking sector to operate effectively. In their relationships with depositors and borrowers, banks obtain extensive information on customers’ financial status, business affairs and private lives. They have a duty to preserve the confidentiality of all information concerning transactions—notably investment activities—and accounts (existence, balances, etc.). The same rules apply to portfolio management firms.
As in all countries with an organized financial system, professional secrecy does not apply to information requested by the banking industry’s supervisory authorities, who themselves are bound by secrecy rules, or by local legal authorities involved in a criminal investigation.
Pursuant to the 1963 tax treaty between France and Monaco, the only other exception to professional secrecy concerns persons with France as their fiscal domicile.
Managers and employees of banks operating in the Principality are bound by the rules of professional secrecy. A breach of these rules may be prosecuted under the provisions of Article 308 of the Penal Code.
This commitment is designed to protect customers’ interests and create the confidence required for the banking sector to operate effectively. In their relationships with depositors and borrowers, banks obtain extensive information on customers’ financial status, business affairs and private lives. They have a duty to preserve the confidentiality of all information concerning transactions—notably investment activities—and accounts (existence, balances, etc.). The same rules apply to portfolio management firms.
As in all countries with an organized financial system, professional secrecy does not apply to information requested by the banking industry’s supervisory authorities, who themselves are bound by secrecy rules, or by local legal authorities involved in a criminal investigation.
Pursuant to the 1963 tax treaty between France and Monaco, the only other exception to professional secrecy concerns persons with France as their fiscal domicile.
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