NEWSROOM
CUSTOMER DUE DILIGENCE IN 7 STEPS
At its most basic level, Customer Due Diligence involves collecting pertinent information and verifying potential customers’ identity and the activities in which they are involved to a sufficient level of confidence that they do not pose any money laundering and...
MLRO: Role, Qualifications and Skills
The Money Laundering Reporting Officer (MLRO) is charged with leading the compliance department to help to manage compliance risk. The latter has the duty to help the senior management of the firm to ensure that the company is complying with the rules and principles...
Termination of business relationships
Financial Institutions must operate with the ultimate and overriding objective to countervail money laundering and terrorist financing activities. A risk-based approach is adopted to the implementation of AML/CFT regime. However, in some cases financial institutions...
Gold and Money Laundering
When Gold Makes You See Red Gold, one of the oldest and most sought after physical asset, gold did not leave criminals indifferent to its use. Since antiquity, gold has been used as a medium for exchange and payment. Till date, gold remains extremely valuable and is...
AML-CFT & BOARD RESPONSIBILITIES
AML-CFT compliance has become the main focus of regulators in recent years. This is evidenced by the increase in regulatory penalties imposed against financial institutions for failure to implement adequate controls to combat ML-TF risks. In light of this scrutiny,...
Enforcement Committee – Is it the end?
Since the blacklisting of Mauritius by the European Union, the FSC has strengthened its regulatory and enforcement powers, and in so doing, many revocations, disqualifications and administrative penalties have been imposed on several licensees during the year 2020....
FSC Inspection – What Does it Entail?
In the wake of constant threats of imminent financial scams and scandals, the FSC reinforces its supervisory framework to promote strong regulation of its licensees in the interest of the public and to foster investors' confidence by ensuring more effective...
The Settlement Framework – An alternative resolution to enforcement disputes
The Financial Services Commission (“FSC”) on 11 December 2020 released a Communique introducing a new approach of resolving certain enforcement cases through settlement. This comes as an endeavor to reach a mutual agreement between the FSC and a licensee to uphold...
Creating a Culture of Compliance
A culture of compliance is usually referred to as an environment that enables and encourages compliant behavior. More than just a buzzword, "compliance culture" represents the future of corporate compliance and ethics programs. Regulators, legal scholars, and...