Law n°1.492 of 8 July 2020 relating to the creation of a right to an account

The following are required to have a deposit account for the exercise of their professional activity in a credit institution established in Monaco and to keep it for the duration of their activity:

• any individual exercising a professional, craft, commercial or industrial activity;
• any public limited company, general partnership, limited partnership limited by shares or limited liability company.

If they do not have a deposit account, they may open an account in a Monegasque credit institution:

• any individual of Monegasque nationality;
• any individual or legal entity domiciled in Monaco;
• any individual who is in the process of settling in Monaco and who is the holder of the receipt for the submission of the corresponding application for administrative authorisation;
• any legal entity being set up in Monaco and which can prove that it has completed the administrative formalities required for that purpose;
• any financial agent designated by the candidate(s) for election.

The credit institution shall have 15 working days from receipt of the documents required to open an account and shall be obliged to provide the account holder with basic banking services. The account holder may only reject the application to open an account on certain grounds, in particular the conviction of the individual on the grounds of certain offences provided for in the Penal Code. The credit institution may also unilaterally terminate a deposit account on certain grounds.

https://journaldemonaco.gouv.mc/Journaux/2020/Journal-8495/Loi-n-1.492-du-8-juillet-2020-relative-a-l-instauration-d-un-droit-au-compte