Legal, Regulatory and Compliance Services2019-07-17T18:09:33+04:00

Legal, Regulatory and Compliance Services

Our Compliance Department has the responsibility of conducting periodical compliance reviews

National Code of Corporate Governance for Mauritius 2016

The new Code of Corporate Governance for Mauritius was launched on 13 February 2017. The code comprises a set of principles and guidance aimed at improving and guiding the governance practices of organisations within Mauritius. It forms part of a larger body of existing laws, rules, regulations, principles and best practices.

The Code recognises that scandals arising from poor governance that impact upon public interest entities should primarily be dealt with by legislation. Using an “apply and explain” methodology, the Code aims to encourage high-quality corporate governance with inbuilt flexibility that allows organisations to adapt their practices to their particular circumstances. It emphasises the need for boards to focus on the effective performance of their key tasks.

Financial Intelligence & Anti-Money Laundering Act 2002 – FIAML Act

The need for Licensees to know their customers is essential to the prevention of money laundering and combating the financing of terrorism. CDD is a key element of an internal AML/CFT system. Section 17 of the FIAML Act requires Licensees to verify the true identity of all customers and other persons with whom they conduct transactions.

Code on the Prevention of Money Laundering & Terrorist Financing 2017

Financial Action Task Force (FATF)

The FATF’s Forty Recommendations and Nine Special Recommendations on Terrorist Financing are the most influential supra national initiatives in this arena. Mauritius has confirmed its adherence to the FATF Recommendations through it membership of the Offshore Group of Banking Supervisors (“OGBS”).

Mauritius is also an active member of the Eastern and Southern African Anti Money Laundering Group (“ESAAMLG”), which is an FATF style regional body (“FSRB”). FSRBs are important components of the global network of international organisations and bodies that combat money laundering and terrorist financing. These bodies are committed to implementing the FATF Recommendations.

Our Compliance Department provide solution and assistance for the implementation and maintenance of an effective compliance framework, in accordance with the applicable legal requirements and international standards. Our compliance audit services are tailor-made to entities operating in both the financial and non-financial industry, as per their own specification and requirements.

Below are the distinct duties of the Compliance Department:

KYC Screening

  • Performing extensive due diligence checks on prospective clients and proposed business structure.
  • Reviewing and evaluating due diligence documents provided at acceptance stage.
  • Applying a risk-based approach, specifically on clients perceived to have a risky profile.
  • Running independent KYC audits.

Compliance Audit

  • Conducting timely statutory file reviews to check on their good standing status.
  • Ensuring an effective implementation of the control processes by conducting ad-hoc checks.
  • Issuing compliance reports, with relevant recommendations.
  • Performing timely follow ups on the implementation of such recommended actions.
  • Designing their internal control procedures and procedures.
  • Maintaining a risk register in relation to their ongoing business operations.

Reporting Services – FATCA & CR

  • Designing and implementing internal processes and procedures to ensure compliance under Foreign Account Tax Compliance Act (FATCA) / Common Reporting Standards (CRS).
  • Applying the prescribed due diligence rules and completing the ‘Self-Certification’ exercise.
  • Acting as the resource person to the competent authorities in relation to FATCA/CRS queries.
  • Attending to queries from banks or other financial institutions.
  • Compiling, assessing and validating the reportable information under FATCA/CRS.
  • Reporting to the competent authorities by the set deadlines, inclusive of filing of audited account in XBRL format.

Compliance Assistance

  • Assisting in responding to request for information from regulatory authorities and handling of regulatory visits.
  • Reviewing commercial agreements and providing suggestions thereon.

Intellectual Property Registration & Management (IPR)

Mauritius will adhere to a number of the World Intellectual Property Organisation (WIPO) Administered Treaties, namely, Patent Corporation Treaty (PCT), the Hague Convention and the Madrid Protocol to facilitate the registration of Patents, Trademarks and Industrial Designs. The international business community can file one application in Mauritius to simultaneously protect its invention, mark, and designs throughout the world.