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This article is a compilation of the major anti-money laundering and counter terrorist financing (CFT) trends for the year 2020.
This article is a compilation of the major anti-money laundering and counter terrorist financing (CFT) trends for the year 2020. 1. Increased money laundering (ML) threats New threats and vulnerabilities arising from COVID – 19 related crimes impacted on money...
REPORTING OF SUSPICIOUS TRANSACTIONS
Financial institutions in Mauritius are under the statutory obligation to locate and report suspicious transactions (STRs) to the Financial Intelligence Unit (FIU) with the ultimate and overriding objective to counter Money Laundering (ML) and Terrorism Financing (TF)...
RECORD KEEPING – A MUST!
Recommendation 11 of the Financial Action Task Force (FATF) requires financial institutions to have proper and effective policies, procedures, and controls in place to ensure that record of transactions is maintained during, as well as, after the course of the...
DATA PROTECTION: THE LATEST TEST FOR FINANCIAL INSTITUTIONS?
Data protection has become a hot topic nowadays due to numerous high-profile security failures from established and high-profile companies. There are growing concerns about how these companies are using the personal data they collect and the extent to which they are...
Introduction to the RISK-BASED APPROACH
In 2007, the Financial Action Task Force (FATF) has introduced a guidance called “Risk-Based Approach to Combating Money Laundering and Terrorist Financing” which outlined the importance of implementing the risk-based approach in all financial institutions and...
Sanctions Screening, Best Practices and Pitfalls to Avoid
The United Nations (Financial Prohibitions, Arms Embargo and Travel Ban) Sanctions Act 2019 (the Sanctions Act) was enacted on 29 May 2019 to enable the Government of Mauritius to implement targeted sanctions and other measures imposed by the United Nations Security...
The Obligations related to Beneficial Ownership
The Financial Intelligence Anti-Money Laundering Regulations 2018 (FIAML Regulations 2018) spells out that a reporting person, that is a bank, financial institution, cash dealer or member of a relevant profession or occupation, is required to identify the beneficial...
Customer Due Diligence & Third-Party Reliance
As part of their duties to combat money laundering and terrorism financing, financial institutions have the duty to conduct Customer Due Diligence (CDD) by proceeding with the identification and verification of a customer’s identity. The inadequacy or absence of...
BUSINESS RISK ASSESSMENT
Identifying and assessing the level of money laundering and terrorism financing (ML/TF) risk to your business or organisation is an essential part of your Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) program. According to section 17 of Financial...