Mauritius changes to FIAMLA / Bank of Mauritius Act
26/07/2022
Mauritius and The Finance (Miscellaneous Provisions) Bill 2022 has the following two AML changes:-
Financial Intelligence and Anti-Money Laundering Act amended
- The words “and terrorism financing” wherever they appear has been replaced by the words “, terrorism financing and proliferation financing”.
Bank of Mauritius Act in section 52A
- The Bank may –
- Establish a Central KYC System for the purpose of facilitating the electronic verification of the identity of customers, validation and extraction of KYC records of customers by KYC institutions, and for the purpose of collecting KYC records submitted to KYC institutions by their customers;
- Establish a Central Accounts Registry for the purpose of collecting information on accounts maintained by customers, other than the balance and amount held in these accounts; and
- Require any KYC institution to furnish to the Registry, on such terms and conditions as it may determine, such information as it may require for the purpose of maintaining the Registry.
- (iii) in subsection (7) –
- “Registry” means the Central KYC System or the Central Accounts Registry, as the case may be.
https://mauritiusassembly.govmu.org/Documents/Bills/intro/2022/bill1422.pdf
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.