Monaco IBAN
A Monaco IBAN is 27 characters long and Monaco is in SEPA.
MC and two check digits open every Monaco IBAN; its remaining 23 form the BBAN (Basic Bank Account Number).
Example Monaco IBAN
Electronic format
MC5811222000010123456789030
Print format
MC58 1122 2000 0101 2345 6789 030
IBAN structure for Monaco
Format reference: SWIFT IBAN Registry.
Monaco IBAN questions
Can a Monaco bank serve customers across the EU like an EU bank?
No. The monetary agreement says it confers no right on credit or financial institutions authorised in Monaco regarding freedom of establishment or the provision of services in the European Union, nor on EU institutions in Monaco. Taking part in euro payment systems on French terms is a separate matter from that right.
Do ECB monetary policy rules reach banks in Monaco?
Yes, through France. Under Article 10(2), credit institutions located in Monaco are subject to the same Banque de France measures implementing the ECB's monetary policy instruments and procedures as institutions in France. The agreement does not oblige the ECB or national central banks to accept Monegasque financial instruments as securities eligible for monetary policy operations.
Does Monaco issue its own euros?
Coins only. Monaco issues no banknotes, but may issue euro coins within an annual ceiling, minted at the Monnaie de Paris. The volume is added to France's total for approval by the European Central Bank, and the coins match those of euro countries in face value, legal tender status and the common side.
Monaco: the euro by EU agreement and French banking rules
Monaco sits outside the EU but has been authorised to use the euro since 1 January 1999, under a Council decision of 31 December 1998. Its current Monetary Agreement with the European Union, published as 2012/C 310/01, took effect on 1 December 2011 and repealed the previous agreement of 24 December 2001. It lets Monaco keep the euro as its official currency, and Monaco in turn gives euro notes and coins legal tender status.
- Article 10 lets credit institutions and other financial institutions authorised in Monaco join the EU's interbank and securities settlement systems on the same terms as institutions in France, if they meet the access conditions. Firms that only manage portfolios for third parties or transmit orders, regulated solely by Monegasque law, have no such access.
- Banking rules come from France. Under a Franco-Monegasque agreement of 14 April 1945 and later exchanges of letters, the latest listed dated 20 October 2010, Monaco applies the French Monetary and Financial Code's provisions on credit institutions. A 2009 French National Assembly report noted one exception: French anti-money-laundering rules did not apply, as Monaco adopts its own.
- Monaco made a high-level political commitment in June 2024 to work with the FATF and MONEYVAL on its anti-money-laundering regime. At its June 2026 plenary the FATF found, as an initial determination, that Monaco had substantially completed its action plan and warranted an on-site assessment; Monaco remained under increased monitoring as of that statement.
Sources: EUR-Lex: EU-Monaco Monetary Agreement (OJ C 310, 13 Oct 2012); Assemblée nationale: report no. 1527 on Monaco (18 Mar 2009); FATF: jurisdictions under increased monitoring (19 Jun 2026).
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