Monaco Private Banking - Monaco's Banking Sector - Private Banking, bank and finance in Monaco Monte-Carlo

Monaco's Banking Sector

Association Monégasque des Activités Financières (AMAF), Monaco's banking association, was founded by Sovereign Order more than 50 years ago. Its mission is to :

• Act as the professional body for authorized institutions conducting banking or financial activities in the Principality.
• Represent the Monegasque banking industry, particularly in relations with public authorities.
• Promote a sound development of Monaco's banking sector.

With 84 members, including banks, finance and portfolio management companies, the association federates all of the market's financial institutions. It maintains an ongoing dialogue with employee representatives and the Principality's key economic agents, and also serves as the main point of contact for the Monegasque authorities for all issues concerning banking and finance.

This role places AMAF at the center of discussions and implementation of the reforms needed for the well-balanced development of Monaco's banking and financial system. These discussions, the ensuing proposals and the dialogue between public authorities and banking institutions through AMAF play a key part in sustaining the drive, begun a few years ago, to re-shape and modernize Monaco's banking and financial industry.

Past changes have already resulted in a deep transformation of the banking sector, which has focused actively on private banking and wealth management, although not at the expense of more traditional banking activities. This trend is expected to continue.

Proud of its independence and highly aware of its responsibilities, AMAF intends to pursue and enhance actions already taken to internationalize Monaco's banking sector, as international business will be a key—if not the key—source of growth for the Principality in the years ahead.