MAURITIUS: BANK OF MAURITIUS SIGNS TRIPARTITE MEMORANDA TO ESTABLISH CENTRAL KYC SYSTEM
The Bank of Mauritius has taken a significant step towards enhancing customer experience and reducing regulatory compliance costs by signing two tripartite Memoranda of Understanding with the Registrar of Civil Status, the Mauritius Police Force, and the Ministry of Information Technology, Communication and Innovation.
Collaboration for an Efficient Customer Onboarding Process
The Memoranda aim to establish an information sharing arrangement between the three parties through the InfoHighway platform, hosted and operated by the Ministry. This collaboration will facilitate the development of a Central Know Your Customer (KYC) system, spearheaded by the Bank of Mauritius.
Benefits of the Central KYC System
- Reduced paperwork and increased efficiency
- Improved customer satisfaction
- Enhanced competitiveness and reputation of the financial sector in Mauritius
The KYC guidelines are crucial in identifying and mitigating risks associated with customer transactions. The Central KYC system is expected to significantly reduce the burden, time, and cost for both customers and financial institutions in carrying out document verifications.
A Milestone towards Streamlining Customer Onboarding
The Memoranda signing marks a significant milestone towards creating an efficient and streamlined process for customer onboarding and verification. This initiative is expected to have far-reaching benefits for the financial sector in Mauritius, including:
- Reduced regulatory compliance costs
- Improved customer experience
- Enhanced reputation of the financial sector
Success Relies on Collaboration
The project’s success relies heavily on the collaboration between the Bank of Mauritius, the Registrar of Civil Status, the Mauritius Police Force, and the Ministry of Information Technology, Communication and Innovation. By working together, these parties aim to create a robust and secure platform that meets international standards for KYC compliance.
Operational Launch Expected Soon
The Central KYC system is expected to be operational in the near future, marking a significant step forward in Mauritius’ efforts to enhance its financial sector’s competitiveness and reputation.