Monaco today stands out for its dynamic network of financial associations. Two associations were formed on the initiative of the Monegasque Association for Financial Activities (AMAF), with the President of the AMAF acting as Honorary President. These are the Monegasque Association of Compliance Officers (AMCO) and the Monegasque Association for Sustainable Finance (AMFiD). Two women play a major role in these associations: Anne-Marie Felden, treasurer of AMCO, and Laure Canas da Silva, president of AMFiD. We take a look back at their careers, their commitment and the current challenges.
Your careers are both firmly rooted in expertise and rigor. Can you tell us more about that?
Anne-Marie Felden: I started my career as a chartered accountant in Sophia Antipolis before joining KPMG GLD et Associés in Monaco almost twenty years ago as an audit manager. This experience allowed me to gain an in-depth knowledge of the Monegasque economic fabric. Today, as an auditor and member of the Order of Chartered Accountants of Monaco, I am confronted daily with the challenges of compliance, auditing and risk management. My integration into the board of directors of AMCO, where I hold the position of treasurer, is a natural consequence of this career path. I will also have a responsibility at the level of the AMCO sectoral committee “figures and law”.
Laure Canas da Silva: I worked for seven years in Paris as Head of Corporate Actions on the Euronext markets for a bank. When I moved to Monaco, I joined a Big Four consulting firm, before becoming Regulatory Manager in a private bank for six years. Today, I am Head of Conduct Risk and Regulatory at EFG Bank (Monaco). I am very personally committed to environmental and social actions, and I was approached by Hervé Ordioni, who chaired the Commission de promotion de la Place in 2022, to found AMFiD, dedicated to sustainable finance and ESG criteria. It is a project that I have enthusiastically supported, surrounded by committed founders.
How would you define the mission of your respective associations?
Laure Canas da Silva: The AMFiD (Monégasque Association for Sustainable Finance) was founded in 2023. Its mission is to promote Environmental, Social and Governance (ESG) criteria in Monaco, to act as a link between ESG correspondents, and to offer regulatory monitoring and high-level training. We also have an advisory role to local institutions, in order to provide the best possible support to the Place's establishments in their transitions.
Anne-Marie Felden: The AMCO has been in existence for more than 25 years. Today, it has 270 members from more than 14 professional sectors, including 120 regulated establishments. Its mission is to bring together the Principality's Compliance Officers, to promote the sharing of experience, to monitor the legal aspects of Law 1.362 and its developments, and to work with the authorities to advance the culture of compliance in Monaco. It also works to structure professional training in compliance.
What are the main challenges you are currently facing?
Anne-Marie Felden: The main challenge is still to get off the gray list. This means continuing to strengthen the culture of compliance, particularly through tools such as the future AMCO-IUM certificate. The other challenge is to maintain an ongoing dialogue with the authorities and institutions (AMSF, National Council, etc.) to communicate members' concerns and adapt practices. It is also necessary to combine compliance with the attractiveness of the Market, which is a subtle exercise.
Laure Canas da Silva: On our side, the ESG priority has been shaken up by the current geopolitical tensions. The reintegration of sectors such as defense or coal into certain so-called “sustainable” funds illustrates the complexity of the context. One of our challenges is therefore to maintain a clear, ethical and pragmatic line, avoiding greenwashing.
Does Monaco stand out on the international financial scene in your respective areas?
Laure Canas da Silva: Yes, Monaco is perceived as a committed player in terms of sustainability, thanks in particular to the impetus of the Sovereign Prince. Initiatives such as sustainable real estate projects or the actions of the Prince Albert II Foundation are emblematic. The AMFiD is fully in line with this approach, anticipating risks, analyzing labels, and raising awareness of the dangers of greenwashing.
Anne-Marie Felden: Absolutely. Monaco has a clear commitment to international compliance. AMCO actively contributes to this through its exchanges with foreign regulators, participation in international conferences, and the dissemination of good practices. The financial center benefits from a high level of compliance, which allows it to position itself favorably compared to financial centers that are sometimes more exposed.
What are the issues that your two associations have in common?
Anne-Marie Felden: Like the training program offered each year by the ACI (see recent article xxx), we share the objective of strengthening the skills of professionals. This involves continuing education, certification, and cross-disciplinary approaches. AMCO works closely with other associations in the sector, in a spirit of co-construction. Bridges must be built between professions and sectors to move forward together.
Laure Canas da Silva: Absolutely. Training is one of the key issues. AMFiD participates in the development of ESG content for certifications, in collaboration with the IUM. We recently conducted a mapping of ESG practices in establishments, which revealed a need for consistent and shared training. This is a common foundation, essential for the credibility of the Place.
A word about the place of women in these associations?
Anne-Marie Felden: Even if some bodies were historically male, women have always played an essential role in the running of committees, training and skills development. Today, their presence is becoming more assertive, including in terms of governance, which is a natural and welcome development.
Laure Canas da Silva: I agree. More than gender, it is diversity as a whole that makes our associations so rich. It is skills, listening and the ability to work in a team that count. The important thing is to surround yourself with people, men or women, who lift you up.
