A More Understanding Clientele
The increased administrative procedures might seem off-putting to some clients, but the reality is more nuanced. With the standardization of procedures between real estate agents, banks, and notaries, these requirements are now perceived as an essential norm. Monegasque banks, subject to the same obligations, have gradually familiarized their clients with providing and updating the necessary confidential information, making these processes more accepted and integrated.
For more complex transactions, such as those involving companies, administrative procedures sometimes require additional investigations. However, real estate agents can rely on local tax experts to ensure compliance with the processes. This ensures optimal support, even in more technical situations, without disrupting the transaction process.
Many clients, particularly local residents, are now well-versed in these procedures. They understand that these requirements are not driven by intrusive curiosity, but by a legal obligation to prevent money laundering. Thus, business relationships are established on new foundations, strengthened by greater transparency and a clearer socio-economic context. This process allows clients to demonstrate their reliability, significantly reducing reluctance.
Despite some variations in client responsiveness, refusals to cooperate remain rare. This shift in mindset greatly facilitates the work of real estate agents, allowing them to establish strong relationships of trust while respecting their legal and ethical obligations.
A Clear Goal: Exiting the GAFI Grey List
Monaco’s efforts to strengthen its regulatory framework and compliance aim to improve its international reputation. The primary goal is to exit the Financial Action Task Force (FATF) grey list by January 2026, a strategic priority for the country. This process includes intermediate evaluations scheduled for May and September 2025 to measure progress and adjust actions if necessary. These steps will not only track the progress of reforms but also reassure international partners of Monaco’s commitment to transparency and anti-money laundering standards.
Finding a Balance
Compliance represents a significant challenge for real estate agencies in Monaco. Between increasing requirements and the need to maintain smooth client relationships, professionals must strike a balance. Adequate training, collaboration with external experts, and transparent communication with clients are key to successfully navigating this transition while maintaining service quality.