Monaco AML/CFT AMSF Annual Report 2024 – STRs Growth, Inspections & Enforcement in Numbers

Monaco AML/CFT in Numbers: AMSF Annual Report 2024

The Autorité Monégasque de Sécurité Financière (AMSF) released its 2024 Annual Report, marking a year of deepened supervision, expanding reporting activity, and strengthened institutional capacity in Monaco’s anti-money-laundering and counter-terrorism financing (AML/CFT) regime. This is the first full-year report since AMSF became an independent authority under Law No. 1.549 on 6 July 2023.

Suspicious Transaction Reports (STRs): Growing Across Sectors

In 2024, Monaco’s Financial Intelligence Unit (CRF) received 1,351 Suspicious Transaction Reports (STRs) — a 13 % increase versus 2023.

Of these:

• 843 STRs (62 %) came from financial institutions, slightly down by 4 % in share.
• 508 STRs (38 %) were submitted by non-financial professions (DNFBPs), up 58 % — reflecting stronger reporting from sectors like real estate, trust service providers and gaming.

Breakdown of DNFBP STRs (2024):

• Gaming establishments: 196 STRs (+51 %)
• Notaries: 75 STRs (+121 %)
• Chartered accountants: 53 STRs (+56 %)
• Real-estate agents: 53 STRs (+96 %)
• Yachting & shipping: 28 STRs (+17 %)
• Company service providers: 24 STRs (–11 %)
• Multi-family offices: 10 STRs (+233 %)

This breakout shows a continuing trend where non-financial professions play an increasingly central role in Monaco’s AML reporting landscape.

Supervision: On-site Controls and Sector Focus

AMSF’s Supervision Department conducted 36 on-site inspections in 2024, a 56 % increase compared with prior activity.

Across on-site and compliance activities:

• 28 Risk & Compliance meetings were held.
• 64 entities were reached through inspection or compliance outreach.
• 61 % of inspection missions targeted non-financial professions (DNFBPs), reflecting the strategic shift toward broader sector oversight.
• Off-site desk reviews included 1,167 documents examined (+1 %) and 1,169 risk questionnaires completed (+33 %), with an 84 % response rate (up from 71 %).
• Participation from yachting and high-value goods sectors surged: +474 % and +703 %, respectively.

AMSF also maintains the DRAKKAR register, tracking 1,824 obliged entities and their designated AML officers as of 31 December 2024, with over 400 continuous background checks performed during the year.

Intelligence Transmission and Enforcement

In 2024, the AMSF’s CRF:

• Transmitted 46 reports to Monaco’s Parquet Général, based on serious indications of money laundering or related offences — a 59 % increase from the previous year.
• Suspended 8 transactions for up to five working days, covering over €57 million.

International cooperation also remained vigorous, with 126 requests sent (+22 %) and 94 spontaneous disclosures received (+45 %).

Compliance Observations & Risk Typologies

The report provides several financial crime typologies relevant to Monaco’s private-service sectors:

• A multi-million-euro yacht sale used to move proceeds linked to human trafficking.
• Use of consultancy invoices and offshore structures to disguise taxable income and potential corruption proceeds.
• Villa purchases tied to embezzlement and tax avoidance.

These typologies underscore the transnational nature of financial flows and the specific AML risks faced by fiduciary, yachting, and real-estate sectors in Monaco.

10 Key Statistics from Monaco AMSF 2024 Annual Report