Financial Crime World

Mauritius Financial Institutions Required to Comply with Updated AML/CFT Handbook Guidelines

The Financial Services Commission (FSC) has issued an updated Anti-Money Laundering and Countering the Financing of Terrorism Handbook, aimed at guiding financial institutions in Mauritius to comply with measures implemented to combat money laundering and financing of terrorism. The revised handbook comes into effect on September 21, 2022.

Key Updates

Certification Requirements for Customer Due Diligence

  • Financial institutions must ensure that identity documentation is certified as true copies of the original documentation if it is not in its original form.
  • This can be done by:
    • An employee of the institution who has access to the original documents
    • A suitable person such as an attorney, lawyer, notary, actuary, accountant, or other professional with a recognized qualification
  • The certifier must sign the copy document and provide their name, address, position, and contact details.

Independent Audits

  • Section 13.3.1 of the updated handbook now allows for more flexibility in choosing external service providers to perform anti-money laundering (AML) audits.
  • Financial institutions can outsource AML audits to “independent service providers/consultants,” rather than specifically accountants or independent consultants.

Verification and Certification Standards

  • The FSC emphasizes the importance of ensuring that customer signatures on identification documents match those on application forms, mandates, and other relevant documents.
  • Financial institutions are required to verify the suitability of certifiers and ensure that they meet the standards set by the Financial Action Task Force (FATF).

Additional Resources

  • The updated AML/CFT Handbook is available on the FSC website.
  • A communique outlining the changes can also be found on the FSC website.

Action Required

Mauritius-based financial institutions are advised to familiarize themselves with these revised guidelines to maintain compliance with anti-money laundering and combating financing of terrorism regulations.