Mauritius Issues Preliminary AML Analysis to Identify Gaps in the Current System

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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.