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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  • The words “and terrorism financing” wherever they appear has been replaced by the words “, terrorism financing and proliferation financing”.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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