Regulatory Alerts2024-11-13
Guideline on Compliance Risk Management and Governance Framework
The Bank of Mauritius issued this guideline to mandate minimum compliance risk management and governance requirements for all licensed banks, non-bank deposit-taking institutions, and cash dealers. It requires boards to approve comprehensive compliance policies while ensuring senior management maintains day-to-day oversight and an independent Head of Compliance directs an adequately resourced compliance function. The framework establishes clear reporting lines, conflict-of-interest safeguards, and cross-border standards to strengthen institutional compliance culture ahead of its 12 November 2024 effective date.
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