Designate the "RIE", person Responsible for Basic Information
Is your Monegasque entity subject to the new requirement that has taken effect in the Principality of Monaco to designate an RIE (a person Responsible for Basic Information and information on beneficial owners)?
The authorities have set a deadline of 15 December 2023 for compliance with this requirement.
Who to appoint?
For non-trading companies with a bank account domiciled in Monaco: a private individual residing in the Principality among the partners, shareholders, managers or staff;
Otherwise, an accredited Monegasque professional. MUA, as a Multi Family Office, may act as RIE.
What does it involve?
The requirement to designate an RIE is part of the Principality of Monaco’s new measures to tackle money laundering, the financing of terrorism, the proliferation of weapons of mass destruction and corruption; as per Article 22-1 of Law no. 1.362 of 3 August 2009.
The main tasks of the RIE will include:
● Keep basic, accurate and up-to-date information on legal entities and their beneficial owners;
● Communicating information and updates to the DDE (Economic Development Department);
● Maintaining information and documents related to beneficial owners;
● Responding to requests for information from the authorities and providing any other form of assistance.
We are pleased to assist you with these formalities.
Get in touch with us by email to receive your personalised proposal.
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