BANK DEMANDS STRINGENT KYC DOCUMENTATION FROM PARTNERSHIP
New Know-Your-Customer (KYC) Requirements for Partnerships in Mauritius
In a move to ensure compliance with international anti-money laundering regulations and combat financial crimes, the Bank has introduced new Know-Your-Customer (KYC) requirements for partnerships seeking to open accounts or conduct business in Mauritius.
Required Documents
To establish their identity, address, and beneficial ownership, partnership applicants are required to provide a range of documents, including:
- Proof of partnership’s business and registered address
- Certificate of good standing from the registrar of companies (if applicable)
- Partnership agreement
- Register of partners, including capital contribution and percentage holding
Additional Documentation for Partnerships with Company General Partners or Authorized Signatories
For partnerships where general partners or authorized signatories are companies, additional documentation is required, such as:
- Certificate of incorporation
- Register of directors
- Register of members (for general partners only)
- Resolution authorizing the individual(s) who act for and on behalf of the company
- Identification documents for individuals acting on behalf of the company
Additional Documentation for Partnerships with Significant Individual or Company Partners
Partnerships where significant partners are individuals or companies must provide additional documentation, including:
- Clear and valid signed identification documents
- Utility bills, bank statements, or credit card statements reflecting their residential address (not a post office box)
- Bank reference (for non-residents only)
Trust Structures
The guidelines also require trust structures to provide detailed information about the trust deed, settlors, beneficiaries, and ultimate beneficial owners. This includes:
- Certificate of registration (if applicable)
- Written confirmation from the trustee(s) that they are aware of the true identity of the underlying principals
- Identification documents for individuals acting on behalf of the trust
Commitment to Compliance and Security
The Bank emphasized that these new guidelines are aimed at ensuring compliance with international standards and preventing financial crimes, such as money laundering and terrorist financing. The guidelines came into effect immediately, and all partnership applicants must comply with the new requirements to open accounts or conduct business in Mauritius.
“We take our responsibilities seriously and are committed to maintaining a robust and secure financial system,” said a Bank spokesperson. “These new guidelines demonstrate our commitment to preventing financial crimes and ensuring that our customers are genuine and transparent.”