Mauritius Financial Services Commission Amends the AML/CFT Handbook
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:
- Financial Intelligence and Anti-Money Laundering Act 2002;
- Financial Intelligence and Anti-Money Laundering Regulations 2018; and
- United Nations (Financial Prohibitions, Arms Embargo, and Travel Ban) Sanctions Act 2019.
The amendments* which were brought in the FSC Handbook are as follows:
- The wording ‘Countering’ was replaced by ‘Combatting’;
- References to the former FSC ‘Code’ withdrawn;
- Responsibilities of Management, Compliance, and Risk Management has been set out when conducting the Business Risk Assessment (Page 26);
- Approach to be adopted for Risk Management (Page 27);
- No limitation concerning the known risk factors (Page 33);
- New definition of Ultimate Beneficial Owner has been included (Page 44); and
- The Independent Audit function has been included (Page 85-101).