Compliance Officer Responsibilities in Mauritius: Understanding the Importance of MLRO and CO Roles
In a bid to combat money laundering and financing of terrorism (AML/CFT), the Financial Intelligence and Anti-Money Laundering Regulations 2018 have introduced two key roles: the Money Laundering Reporting Officer (MLRO) and the Compliance Officer (CO). Understanding these roles is crucial for reporting persons in Mauritius.
The Importance of MLRO and CO Roles
The MLRO and CO play a vital role in the fight against money laundering and financing of terrorism. According to Regulation 26, reporting persons are required to appoint an MLRO, while Regulation 22 requires a person to appoint a CO. It is essential that these officers understand their responsibilities under the law and discharge their duties effectively.
Key Responsibilities of the MLRO
According to Regulation 26, the MLRO has several key responsibilities:
- Receiving internal reports of suspicious transactions
- Assessing the information contained within these reports
- Filing Suspicious Transaction Reports (STRs) with the Financial Intelligence Unit (FIU)
- Having unrestricted access to all books, records, and employees of the reporting person
Key Responsibilities of the CO
The CO is responsible for:
- Ensuring that the reporting person complies with internal programmes, controls, and procedures
- Ensuring compliance with the requirements of the Act and Regulations
- Making regular reports to the board and senior management, including reports of non-compliance
Senior Management Level Requirement
Regulation 22 requires both the MLRO and CO to be at a senior management level and may not be outsourced. However, Section 4.1.1 of FIU Guidelines allows for the same individual to hold both roles, provided they have sufficient time and resources to discharge their duties effectively.
Consequences of Non-Compliance
Failure to file STRs or tipping off can result in criminal offenses, including fines and imprisonment. It is therefore crucial for reporting persons to ensure that their MLRO is properly trained to file STRs where appropriate.
Seeking Technical Assistance
In case of further technical assistance on filing STRs, the goAML HelpDesk may be contacted by calling 4541423 or sending an email to goamlhelpdesk@fiumauritius.org.
Disclaimer
This article is intended for educational purposes only and should not be used as legal advice. Reporting persons who are unsure about their obligations under the AML/CFT regulatory framework should seek independent legal advice.