Here is the rewritten article in Markdown format:

Mauritius Embraces Central KYC Registry to Enhance Customer Due Diligence and Combat Financial Crimes

In an effort to strengthen its customer due diligence process and implement a more rigorous Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) procedure, Mauritius is adopting a Central Know Your Customer (KYC) registry. This move aims to eliminate the lengthy and costly process of customer onboarding for financial institutions in the country.

What is a Central KYC Registry?

A Central KYC Registry or C-KYC is a centralized repository of KYC information of customers availing various services in the Financial Services sector. The registry enables financial institutions to cut down on the time-consuming process of customer onboarding and costs associated with it, while also saving their customers from having to produce similar documentation multiple times.

Benefits of Central KYC Registry

Under the new system, customers will be issued a unique KYC Identification Number (KIN) by the C-KYC Registry, allowing them to be onboarded by any other financial institution in the country. This move is designed to protect against money laundering and terrorist financing violations, and eliminate the fallacies of a standalone KYC process used by financial institutions.

Expert Insights

According to experts at PwC, a robust C-KYC registry will not only enhance customer experience but also strengthen Mauritius’ AML/CFT procedure through a standardized approach across all financial institutions governed by multiple regulators. The implementation of a C-KYC system is expected to address the strategic and operational deficiencies identified by the Financial Action Task Force (FATF) and European Commission (EC).

Comparative Analysis

A recent publication by PwC provides a comprehensive comparison of KYC, e-KYC, and C-KYC, highlighting the benefits of proper C-KYC implementation and key technology considerations forming the ecosystem. The document also summarizes and comments on The Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) (Miscellaneous Provisions) Act, which aims to address the five key issues identified by the FATF and EC.

Conclusion

With the adoption of a Central KYC Registry, Mauritius is taking a significant step towards ensuring a safer and more secure financial system for its citizens and businesses. This move demonstrates the country’s commitment to combating financial crimes and promoting transparency in the Financial Services sector.