Mauritius Introduces Stricter Identity Verification Measures to Combat Money Laundering
Strengthening Financial Sector and Preventing Illegal Activities
The Mauritian government has introduced new regulations aimed at enhancing the country’s anti-money laundering (AML) and know-your-customer (KYC) measures. These measures are designed to strengthen the financial sector and prevent illegal activities such as money laundering and terrorist financing.
New Regulations for Identity Verification
Under the new regulations, financial institutions and businesses operating in Mauritius are required to implement robust identity verification processes to ensure that customers are who they claim to be. The measures include checks on security features such as:
- Holograms
- Tapered/crumpled edges
- Doctored elements
- Form inconsistencies
- Document expiration
- MRZ (Machine Readable Zone)
- Reflected colors
- Microprinting
Ongoing Identity Verification Requirements
Identity verification is not a one-time process but rather an ongoing requirement for multiple instances, according to the regulations. This means that businesses must verify customer identities at various stages of their relationship with them.
Determining High-Risk Profiles
Financial institutions are required to determine if customers are Politically Exposed Persons (PEPs), hold public offices, or exhibit higher risk profiles. Shufti Pro, a leading AML and KYC solutions provider, offers an AML Screening service that screens customer ID attributes against global regulatory watchlists and domestic databases.
Relying on External Services
The regulations also emphasize the importance of relying on external services to apply measures of due diligence. Financial institutions can seek the services of third-party providers, but they must collect all relevant data without undue delay. It is worth noting that financial institutions remain liable for maintaining compliance with AML and KYC obligations, regardless of reliance on a third party.
Data Retention Requirements
The regulations also stipulate that financial institutions must retain customer data for at least seven years as part of their AML and KYC obligations.
Commitment to Combating Money Laundering
“Mauritius is committed to maintaining its reputation as a robust and trustworthy financial hub,” said [Name], CEO of Shufti Pro. “These new regulations demonstrate our commitment to combating money laundering and terrorist financing, while ensuring that businesses can operate efficiently and effectively.”
Effective Date and Compliance Requirements
The new regulations take effect immediately, and financial institutions are expected to comply with the new requirements within the specified timeframe.
Contact Information
- Name: [Name]
- Company: Shufti Pro
- Email: [email address]
- Phone: [phone number]