Sanctions

At the end of the inspection, or if the person concerned fails to rectify the situation after having been given formal notice, or pursuant to the last paragraph of Article 64-8, the department exercising the supervisory function of the AMSF shall send the department exercising the enforcement function of the AMSF the inspection report referred to in Article 54 or a statement of the breach(s) found outside the scope of any inspection, together with the documents on which it based the said report or statement.

The department responsible for enforcing the AMSF's sanctions will examine the inspection report or the statement of the breach(s) and the attachments.

After examining the inspection report or the record of the breach(s) and the attachments, sanction proceedings may be initiated against the person concerned.

The system of administrative sanctions is governed by the procedural guarantees described in Section I - Administrative sanctions of Sub-Section I - Sanctions under the Autorité Monégasque de Sécurité Financière of Chapter XI of Law no. 1.362.

The system of criminal sanctions is described in Article 70 et seq. of the said law in Section II - Criminal sanctions.