News

Mauritius Financial Services Commission Amends the AML/CFT Handbook

01/04/2021

The Financial Services Commission (FSC) has, on 31st March 2021, amended the AML/CFT Handbook (Handbook).

The Handbook serves as guidance to the licensees who are under the purview of the FSC, and they are required to comply with the primary AML/CFT legislation, which is as follows:

  1. Financial Intelligence and Anti-Money Laundering Act 2002;
  2. Financial Intelligence and Anti-Money Laundering Regulations 2018; and
  3. United Nations (Financial Prohibitions, Arms Embargo, and Travel Ban) Sanctions Act 2019.

The amendments* which were brought in the FSC Handbook are as follows:

  1. The wording ‘Countering’ was replaced by ‘Combatting’;
  2. References to the former FSC ‘Code’ withdrawn;
  3. Responsibilities of Management, Compliance, and Risk Management has been set out when conducting the Business Risk Assessment (Page 26);
  4. Approach to be adopted for Risk Management (Page 27);
  5. No limitation concerning the known risk factors (Page 33);
  6. New definition of Ultimate Beneficial Owner has been included (Page 44); and
  7. The Independent Audit function has been included (Page 85-101).

https://www.fscmauritius.org/media/99188/aml-cft-handbook.pdf