In Monaco today, compliance is no longer optional, it is fundamental…
As the Principality works to strengthen its international standing and exit the financial grey list, businesses across all sectors are operating under increasingly rigorous anti-money laundering and counter-terrorism frameworks. For many, this comes at a cost.
A recent post on X highlighted the level of due diligence now required. A prospective client described the onboarding process at Monaco Legend Group as involving multiple forms of identification, proof of address, financial documentation and even a declaration of wealth origin. Framed as “signup friction,” the post quickly gained traction, reaching tens of thousands of views within hours.
In practice, this is simply the reality of doing business today. At Monaco Legend Group, completion and validation of the KYC process is mandatory before participation in any auction, including the upcoming sale on April 25 and 26. No exceptions are made, regardless of the client.
Far from being excessive, this level of scrutiny reflects strict adherence to procedures imposed by the authorities. It is clear evidence that responsible businesses are doing exactly what is required of them.
The reality is that some clients will walk away. The process can be demanding, intrusive and time-consuming. But for companies committed to operating transparently and ethically, this is a necessary trade-off.
Monaco’s objective is clear, to correct its position and reaffirm its status as a trusted financial centre. Businesses that accept losing clients in the short term are investing in the long-term integrity of the Principality.
Image: Julien Lanoy
