Financial Crime World

Mauritius Banks Must Adhere to Compliance Procedures to Ensure Financial Stability

The Financial Stability Mandate Committee has issued a series of reports and supervision guidelines to ensure that banks operating in Mauritius are compliant with all relevant regulations. The committee’s efforts aim to prevent financial crime and maintain the integrity of the country’s financial sector.

Compliance Requirements for Licensed Banks

Banks licensed by the Mauritian authorities must adhere to strict procedures, including:

  • Processing and licence fees for new applicants
  • Payment of acquisition of significant interest fees when necessary
  • Failure to comply with these requirements can result in severe consequences, including fines and even revocation of licences.

Combating Money Laundering and Terrorist Financing

The committee has also implemented measures to combat money laundering and terrorist financing (AML/CFT) and targeted sanctions against high-risk countries, such as Iran and North Korea. The Interagency Coordination Committee plays a crucial role in coordinating efforts between government agencies and financial institutions to prevent these types of illegal activities from taking place within the country.

Publicly Available List of Licensed Banks

The Mauritian authorities have also established a list of licensed banks and other financial institutions, which is publicly available for reference purposes. The list includes information on each institution’s licence status, as well as any conditions or restrictions attached to their licences.

Reporting Financial Crime and Fraud

In addition, the committee has issued guidelines for reporting financial crime and fraud, including:

  • A dedicated hotline for customers to report suspicious activities
  • Customers are also advised to exercise caution when dealing with unlicensed financial institutions or individuals who may be engaging in illegal activities

Promoting Confidence in Mauritius as a Financial Hub

The Financial Stability Mandate Committee’s efforts aim to promote confidence in Mauritius as a stable and secure financial hub, while also protecting the country’s economy from potential threats. By adhering to these compliance procedures, banks operating in Mauritius can help maintain the integrity of the financial sector and prevent financial crime from taking place within the country.