KYC Verification Process in Mauritius: A Comprehensive Checklist
The Mauritius Commercial Bank Ltd has introduced a comprehensive Know Your Customer (KYC) verification process for non-individuals to strengthen its anti-money laundering and counter-terrorism financing measures.
Required Documents and Information
To facilitate the KYC verification process, the bank requires non-listed companies to provide certified true copies of certain documents and information. The required documents include:
- Certificate of incorporation or equivalent document dated less than six months
- Certificates of current standing where applicable
- Register of directors signed by either the company secretary or registered agent
- Confirmation of directorship from notary/attorney
- Register of shareholders signed by either the company secretary or director
- Resolution authorising the opening of accounts and giving authority to signatories
The resolution must be in the form of a written resolution signed by all directors or an extract of minutes signed by the company secretary or any director.
Business Plan and Financial Documents
Additionally, companies are required to provide:
- A business plan or certified true copy thereof, detailing the company’s business activities and including sources and application of funds
- Estimated volume of inflows and outflows
- Audited accounts/financial statements or bank statements for the last six months
Identity Verification
To verify the identity of directors, authorized signatories, significant shareholders, and beneficial owners, the bank requires:
- Original or certified true copies of proof of identity, such as a valid passport or identity card, bearing a clear photographic image and specimen signature
- Proof of current permanent residential address dated less than three months
Risk-Based Approach
The bank may request further information and/or documents deemed necessary to complete its due diligence process from a risk-based approach.
Objective of the Comprehensive Checklist
The comprehensive checklist aims to ensure that all non-individual customers are thoroughly vetted before account opening, thereby strengthening the bank’s anti-money laundering and counter-terrorism financing measures.