Mauritius Banks Urged to Strengthen Compliance Procedures Amid Rising Regulatory Pressure

Effective Risk Management and Regulatory Compliance

AfrAsia Bank has implemented a comprehensive system of internal controls and policies to ensure effective risk management and regulatory compliance. The bank’s Compliance Plan, approved by the Board, is designed to monitor and oversee various aspects of its operations.

Regular Compliance Reviews and Dialogue with Regulatory Bodies

• Regular compliance reviews are conducted across departments, with findings submitted to senior management, the Compliance Committee, Audit Committee of the Board, and the Board of Directors.
• The bank maintains regular dialogue with regulatory bodies, convening workgroups to discuss Regulatory Guidelines and other issues.

Key Areas of Focus for the Compliance Function

The bank’s Compliance function is responsible for monitoring and overseeing a range of key areas, including:

• Regulatory compliance and interaction
• Anti-money laundering and combating the financing of terrorism
• Transaction monitoring
• Compliance monitoring and testing
• Investigation and reporting
• Fraud identification, investigation, and reporting
• AML training

Compliance with Relevant Acts and Regulations

AfrAsia Bank ensures compliance with relevant acts and regulations, adhering to guidelines issued by:

• The Mauritius Financial Reporting Council
• The Bank of Mauritius
• The Mauritius Companies Act 2001

The bank is committed to staying up-to-date with regulatory body communiqués, announcements, and advice to ensure that its operations remain compliant with changing regulations.

Importance of Strengthening Compliance Procedures

With a growing focus on corporate governance and risk management, Mauritian banks are under increasing pressure to strengthen their compliance procedures. AfrAsia Bank’s commitment to implementing robust internal controls and policies serves as a model for other financial institutions in the region.