Regulatory Alerts2014-06-16
Guideline on Fit and Proper Person Criteria
The Bank of Mauritius issued this guideline to establish a comprehensive framework for assessing whether senior officers, directors, and significant shareholders of regulated financial institutions meet the fit and proper person criteria. The assessment requires individuals to demonstrate honesty, integrity, competence, and financial soundness through continuous board oversight, mandatory questionnaires, and prompt notification of material changes. External auditors must report non-compliance to the board, which retains ultimate responsibility for ongoing evaluation and regulatory reporting under the Banking Act 2004.
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