Mauritius Issues Preliminary AML Analysis to Identify Gaps in the Current System
The Bank of Mauritius and the Mauritius Financial Services Commission have issued new anti-money laundering guidance, ordering all regulated entities to conduct a gap analysis against their requirements, and to submit plans to:
- Remedy any deficiencies in their risk-based approach.
- Customer due diligence.
- Ongoing monitoring.
- Reporting of suspicious transactions.
- Record-keeping and employee training.
Going forward, any Mauritian entities failing to comply with the guidelines to adequate standards may face regulatory and remedial action.