Regulatory Alerts2018-01-01
FSC Practice Notes on Corporate Trusteeship Services and Beneficial Ownership Recording
The Financial Services Commission of Mauritius has issued updated Practice Notes mandating that Qualified Trustees and Management Companies maintain accurate, up-to-date registers of beneficial ownership information for all trusts under their administration. These entities must conduct robust customer due diligence to identify and verify natural persons exercising ultimate control, including settlors, trustees, beneficiaries, and protectors, while retaining all related records for a minimum of seven years. The notes align domestic obligations with FATF transparency standards, requiring trustees to keep beneficial ownership data readily accessible for regulatory inspection and apply risk-based measures to mitigate money laundering and terrorist financing risks.