Monaco's Ministry of Finance and Economy announced the National Council’s unanimous adoption of two bills modernizing the accounting profession and company financial reporting, while making the statutory right to a bank account more accessible. The measures seek to improve financial transparency and legal certainty and address practical difficulties with the bank account framework introduced in 2020. The accounting bill merges Monaco’s two regulated accounting professions into a redefined public accountant profession and updates rules for professional access. Qualified Monegasque nationals will be able to practice without a quota, while licenses for foreign nationals will reflect the profession’s needs. The bank account bill gives credit institutions 30 days to assess applications and request additional documents. Applicants may complain directly to the Budget and Treasury Department if a bank does not respond within the prescribed period, without first obtaining a formal refusal certificate. Eligibility for the right to an account will extend to individuals who have only a joint account and to individuals and legal entities whose existing account is being closed, allowing them to apply before closure. An expedited appeal procedure will apply when a designated credit institution refuses to open an account or subsequently closes it, while anti-money laundering, counterterrorist financing, counterproliferation and anticorruption requirements remain applicable.
Monaco's Ministry of Finance and Economy welcomes adoption of accounting and bank account access reforms
Monaco’s National Council unanimously adopted bills reforming the accounting profession and strengthening the right to a bank account. The measures merge the two regulated accounting professions, set a 30-day period for banks to assess account applications and expand eligibility for the statutory right. They also provide direct complaint and expedited appeal routes while preserving financial crime controls.