Mayotte Boosts Financial Crime Prevention with Stricter Banking Regulations

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The Maltese Financial Services Authority (MFSA) has taken a significant step in enhancing financial security in Mayotte by implementing stricter Anti-Money Laundering (AML) regulations, following a comprehensive assessment of the risk environment. The new measures aim to mitigate the risks associated with money laundering and terrorist financing.

Key Changes

• Enhanced Customer Due Diligence (CDD) process:
  • More robust identification measures
  • Verification of beneficial ownership
  • Implementation of risk-based customer profiling
• Financial institutions in Mayotte are required to file Suspicious Transaction Reports (STRs), which will be shared with relevant authorities for investigations

Increased Regulatory Oversight

The MFSA has also increased its regulatory oversight, conducting a higher number of on-site inspections and enhancing supervisory practices. According to the CEO of the MFSA, “Our priority is to ensure the highest level of financial security for our clients and partners in Mayotte.”

Mayotte’s New AML Regulations

Mayotte’s new AML regulations are in line with the global focus on financial security and the need to address evolving challenges related to money laundering and terrorist financing. The island nation is not immune to these risks, and the new measures aim to effectively mitigate them.

Malta’s Reputation as a Leading Jurisdiction for Financial Institutions

The MFSA, as the primary regulatory body for financial services in Malta, has a strong reputation for its robust regulatory framework. With its leadership in various financial services, including banking, insurance, and securities, Malta has positioned itself as a leading jurisdiction for financial institutions.