Mauritius Tightens Grip on Customer Identification with Revised Banking Regulations

In a move aimed at bolstering the country’s financial stability, Mauritius has introduced revised regulations governing customer identification in the banking sector.

Background

The changes are outlined in the Banking Act 2004, which came into effect on November 10, 2004. The new legislation repealed the former Banking Act of 1971 and Foreign Exchange Dealers Act of 1995, consolidating laws related to banking and financial institutions under a single licensing regime for banks.

Objectives

The reforms aim to:

• Strengthen the regulatory framework, enabling the banking system to better withstand systemic risks and monetary shocks.
• Enhance transparency and accountability within the industry.

Impact

By implementing these measures, authorities are seeking to:

• Benefit customers by ensuring a safer and more secure financial environment.
• Safeguard the integrity of the Mauritian financial market.

In summary, Mauritius’ revised banking regulations aim to improve customer identification and enhance overall financial stability in the country.