How to contact the Department of Budget and Treasury if a bank refuses to open an account for you

Individuals or legal entities domiciled or in the process of establishing themselves in Monaco who experience difficulties in opening a bank account with the bank of their choice in the Principality, may exercise the right to open a bank account in accordance with the provisions of the Act No. 1.492 of 08/07/2020 on the granting of the right to an account

Please note: Holders of an authorisation to conduct a token offering may also exercise this right. More information on Security Token Offerings is available here.

If the bank of their choice rejects their application to open a bank account, individuals should send the following documents to the Department of Budget and Treasury, by post or by email:

• A copy of the complete application submitted to the bank 
• The certificate of refusal to open a bank account issued by the bank
• A sworn statement from the legal representative of the company to the effect that the company does not have a deposit account in Monaco opened in its name

 Direction du Budget et du Trésor
 12 quai Antoine 1er
 BP 512
 MC 98015 Monaco Cedex
Phone: (377) 98 98 87 73
 Email: dbt@gouv.mc

The Department of Budget and Treasury will send you a response within 15 working days of receipt of the required documents, designating a bank.

The designated bank will be obliged to open a bank account, except in the circumstances provided for under Article 8 of the Act No 1.492 of 08/07/2020 on the granting of the right to an account.