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Mauritius Launches AI-Powered Due Diligence Platform

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The Financial Services Commission (FSC) of Mauritius, in collaboration with the Mauritius Research and Innovation Council (MRIC), has launched an Artificial Intelligence (AI) powered due diligence platform. The launch event took place on February 2nd at the FSC House, attended by over 250 local and international participants.

Revolutionizing Due Diligence

The AI-powered platform aims to revolutionize the due diligence process in the financial sector by providing regulators with real-time data analysis and risk scoring systems. According to Mahen Kumar Seeruttun, Minister of Financial Services and Good Governance, this move marks a significant step towards establishing Mauritius as an International Financial Centre of trust and good repute.

Automating Due Diligence

The platform is designed to automate some steps in the due diligence process, freeing up regulatory teams to focus on more critical tasks. Seeruttun emphasized that the credibility and trust promoted by the platform are essential ingredients for a competitive financial sector.

Emphasis on Innovation and Regulation

Deepak Balgobin, Minister of Information Technology, Communication and Innovation, highlighted the importance of innovation in ensuring trust, resilience, and sustainability in the financial services industry. He noted that the adoption of AI will be accelerated by technological advancements, making it critical for financial institutions to remain competitive.

Professor Theesan Bahorun, Executive Director of the MRIC, emphasized that financial innovation is crucial, but adequate regulation and supervision are essential to ensure the effective mitigation of money laundering risks. He stressed that transparency, governance, risk management, and public trust are key elements of a well-functioning financial system.

Enhancing Credibility and Trust

Mardayah Kona Yerukunondu, Chairperson of the FSC, welcomed the launch of the platform, stating that it aligns with the FSC’s strategy to improve the financial ecosystem through digitalization. He emphasized the importance of technology-based solutions in closing regulatory and supervisory gaps.

Expected Benefits

The AI-powered due diligence platform is expected to enhance the credibility of regulatory activity and promote trust in the financial sector. With its real-time surveillance capabilities, the platform aims to move due diligence processes into a more efficient and effective system.