Regulatory Alerts2020-01-15
Bank of Mauritius Guideline on Anti-Money Laundering, Terrorism Financing and Proliferation
The Bank of Mauritius has issued a comprehensive guideline requiring all licensed financial institutions to implement a risk-based framework for combating money laundering, terrorist financing, and proliferation financing. The document mandates robust internal controls, rigorous customer due diligence, continuous monitoring, and timely reporting of suspicious transactions in alignment with the Financial Intelligence and Anti-Money Laundering Act 2018 and FATF standards. Superseding previous guidance notes, the guideline establishes enforceable compliance expectations that carry monetary penalties or licence revocation for institutions failing to mitigate financial crime risks.
Share