In a significant move aimed at enhancing financial inclusivity, Monaco's National Council has proposed a vital amendment to the existing banking laws that govern account access for residents and businesses in the Principality. The new legislation seeks to tackle the persistent challenges faced by non-Monegasque residents, who often encounter abrupt account closures or outright refusals when seeking banking services.
At a recent National Council meeting, members voiced their concerns regarding the implementation of Law 1492, established in 2020, which was intended to guarantee the right to a bank account. Despite its noble intentions, the law has not been effective in practice, leading to frustrations that prompted the Council to consider Bill 263—a proposed amendment that aims to streamline and enforce banking accessibility.
One of the pivotal changes introduced by this bill is the establishment of strict deadlines for banking institutions. Under the proposed legislation, if a bank does not respond to an account application within a legally mandated 15 days, this silence will be deemed a denial. This will empower applicants to promptly escalate their cases to Monaco’s Budget and Treasury Department, which will assign them to a bank capable of providing the necessary services.
Christine Pasquier-Ciulla, Chair of the National Council’s Legislation Commission, emphasized the urgency of this reform, stating that the amendments would create a more robust framework for addressing undue delays. She underscored the importance of ensuring that refusals are justified only by compliance with anti-money laundering laws, rather than economic criteria.
The proposed changes also focus on combating social and economic exclusion. As Council member Nathalie Amoratti-Blanc pointed out, a lack of access to banking services can effectively isolate individuals from daily life, particularly in a society where financial transactions have increasingly shifted to digital platforms. “Our world today is no longer conceivable without minimum access to a digital banking system,” she remarked, highlighting the crucial role banks play in modern existence.
Régis Bergonzi, another Council member, further stressed that banking inclusion is essential for social and economic integration. In a time when financial transactions are becoming ever more digitized, not having a bank account can marginalize individuals, preventing them from accessing crucial services, including social benefits that often require electronic payment methods.
The National Council's recent legislative initiatives mark a significant effort to reform banking accessibility in Monaco. With Bill 263, residents and businesses will gain clearer avenues to challenge unfair account denials and administrative delays. The ultimate goal of this amendment is to create a more equitable financial landscape for all individuals living in the Principality, thereby ensuring that everyone has the opportunity to participate fully in Monaco’s vibrant economy.