Financial Crime World

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Global C-KYC Registry: A Game-Changer in Combating Money Laundering and Terrorist Financing

In a bid to strengthen its financial regulatory framework, the Government of Mauritius has announced plans to introduce a Comprehensive Know-Your-Customer (C-KYC) Registry. This innovative system aims to provide a single platform for Financial Institutions (FIs) to access and manage customer information, thereby enhancing transparency and reducing the risk of money laundering and terrorist financing.

How it Works

The C-KYC Registry will allow FIs to:

  • Search and download customer records
  • Update existing information
  • Maintain multiple correspondence addresses

The system will also perform de-duplication checks to prevent data duplication and reconciliation of probable matches.

To further streamline the process, the registry offers three key solutions:

  • Upload Solution: A comprehensive integrated solution that helps manage customer KYC requirements for FIs.
    • Automatically extracts information from client-provided documents
    • Uploads KYC details onto the C-KYC Registry
    • Provides better control over management information system (MIS) reports
  • Bulk Upload Solution: An automated bulk upload solution that interfaces with a FI’s KYC data repository, converts proprietary data into the C-KYC bulk upload format, and transfers the file to the registry via SFTP.
  • Upload Solution: A bulk file upload using SFTP, allowing FIs to transfer large files up to 10 GB in size.

Benefits

The introduction of the C-KYC Registry is expected to bring numerous benefits, including:

  • Improved transparency and accountability
  • Enhanced customer due diligence
  • Reduced risk of money laundering and terrorist financing
  • Increased efficiency and reduced compliance costs for FIs
  • A more holistic approach to Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)

Expert Insights

“PwC’s experience in implementing C-KYC registries globally suggests that this initiative will not only address identified shortcomings but also take a pioneering path in leveraging innovative technology,” said Vikas Sharma, Partner at PwC Mauritius.

To learn more about how the C-KYC Registry can benefit your organization, contact our experts:

  • Vikas Sharma, Partner
  • Anish Chandra, Associate Director
  • Sharjeel Muhammed, Manager

About PwC

PwC is a leading global network of professional services firms providing assurance, tax, and advisory services. With offices in over 150 countries, we help organizations solve complex business problems and make better decisions.

Disclaimer

This publication has been prepared for general guidance only and does not constitute professional advice. You should not act upon the information contained herein without obtaining specific professional advice.