Regulatory Alerts2024-10-23
National Payment Systems (Authorisation and Licensing) Amendment Regulations 2024
The Bank of Mauritius amended the National Payment Systems (Authorisation and Licensing) Regulations 2021 by defining customer money, revoking Regulation 9, and updating financial compliance requirements for licensees. Licensees must now segregate customer funds from business financing, submit annual auditor certificates confirming trust account balances match electronic money liabilities, and adhere to central bank caps on personal e-wallet storage. The regulations also prohibit cash withdrawal services for affected entities and took effect on 1 July 2024.
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