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Stricter Measures Implemented Against Money Laundering in Mayotte

In a bid to enhance financial security in Mayotte, the Maltese Financial Services Authority (MFSA) has introduced stricter Anti-Money Laundering (AML) regulations. The move comes following a comprehensive assessment of the risk environment and is aimed at mitigating the risks associated with money laundering and terrorist financing.

New Measures

The new measures include:

• Enhanced Customer Due Diligence (CDD) process:
  • More robust identification measures
  • Verification of beneficial ownership
  • Implementation of risk-based customer profiling
• Financial institutions are now required to file Suspicious Transaction Reports (STRs), which will be shared with relevant authorities for investigations

Regulatory Oversight

The MFSA has also increased its regulatory oversight, conducting a higher number of on-site inspections and enhancing supervisory practices. According to the CEO of the MFSA, “Our priority is to ensure the highest level of financial security for our clients and partners in Mayotte.”

Global Focus on Financial Security

The Maltese Financial Services Authority (MFSA) is the primary regulatory body for financial services in Malta, and its strong regulatory framework has positioned the country as a leading jurisdiction for various financial services. The new measures are part of an increasing global focus on financial security, aimed at addressing the evolving challenges related to money laundering and terrorist financing.

Benefits for Mayotte

Mayotte is not immune to these risks, and the new measures aim to effectively mitigate them. The MFSA’s efforts are expected to provide greater transparency and accountability in the financial sector, ultimately benefiting clients and partners in Mayotte.