Monaco’s financial regulator, the Autorité Monégasque de Sécurité Financière (AMSF), imposed a €1.5 million penalty on Julius Baer Wealth Management (Monaco) S.A.M. The sanctioning body’s decision was issued on August 25, 2026 and published in the Journal de Monaco on September 4, following an on-site inspection conducted in October 2024.

The AMSF found deficiencies in the firm’s intra-group organisation, delegation framework and consolidated supervision of AML/CFT obligations. It also found that three suspicious-activity reports were submitted late. The decision states that a depositary bank’s involvement in executing transactions did not relieve the wealth manager of its own monitoring, due-diligence and suspicious-reporting obligations.

Why it matters

  • Asset managers remain responsible for their own AML/CFT controls, even where a related bank or other group entity performs parts of the operational process.
  • The decision reinforces that a suspicious-activity report should not be delayed while an institution seeks further information that is not needed to establish reasonable suspicion.