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AML/CFT compliance in Mauritius

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The Financial Intelligence Unit (FIU)

The FIU was established in terms of the Financial Intelligence and Anti-Money Laundering Act of 2002. The Act identifies Reporting Persons (financial institutions and other identified businesses) to assist in counteracting money laundering and the financing of terrorism.

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How to comply with the Financial Intelligence and Anti-Money Laundering Act (FIAMLA) regulations in Mauritius

The following businesses are considered to be Reporting Entities:

Reporting Entities need to ensure that they:

Where lower risks have been identified by the Reporting Person, Simplified Customer Due Diligence (SDD) may be applied if the low risk identified is consistent with the findings of the national risk assessment of the relevant supervisory authority or regulatory body, whichever is most recently issued.

What are my AML/CTF reporting obligations?

As a Reporting Entity, you must report suspicious transactions to the FIU. Your reporting obligations include:

Suspicious Transaction Reports (STRs)– must be submitted within 5 working days of you becoming aware of the suspicious transaction;

Note that cash transactions over Rs 500,000 (a single transaction or multiple transactions that add up to Rs 500,000) are not allowed and must be reported as suspicious if such transactions take place.

How can MemberCheck help?

MemberCheck provides a secure, easy to use, multi-user solution, with global coverage of politically exposed or high-risk individuals, and sanction, regulatory enforcement, law enforcement, and other official lists, for scanning names and identifying matches.

Sophisticated due diligence workflow and search filters are there to help you reduce the amount of time spent sorting through false positive matches. A full history of names scanned and matching profiles, is available for reporting purposes. Reports can be viewed online or downloaded, providing you with access to customer details and a record of your due diligence decisions, whenever and wherever required. Reports are ideal for providing to the regulator, during audits, as evidence that you are complying with your AML obligations.

* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.

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