Mauritius' AML/CTF supervisor
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The Financial Intelligence Unit (FIU)
The FIU was established in terms of the Financial Intelligence and Anti-Money Laundering Act of 2002. The Act identifies Reporting Persons (financial institutions and other identified businesses) to assist in counteracting money laundering and the financing of terrorism.
How to comply with the Financial Intelligence and Anti-Money Laundering Act (FIAMLA) regulations in Mauritius
The following businesses are considered to be Reporting Entities:
- Professional accountant, public accountant Mauritius Institute of Professional Accountants and member firm under the Financial Reporting Act
- Law firm, foreign law firm, joint law venture, foreign lawyer, under the Law Practitioners Act
- Attorneys
- Barristers
- Notaries
- Person licensed to operate a casino, a hotel casino, as a horse racing organiser, the Mauritius National Lottery, a limited payout machine, a sweepstake, as a local pool promoter, as the agent of a local pool promoter, a gaming house, a gaming machine, as a totalisator, as a bookmaker and interactive gambling under the Gambling Regulatory Authority Act
- Dealer in jewellery, precious stones or precious metals
- Real Estate Agents, including Land Promoters and Property Developers
- Company Service Providers
- Banks ("Business of a Bank")
- Financial Institutions
- Cash Dealers
Reporting Entities need to ensure that they:
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Conduct customer due diligence before and during the course of the business relationship or when conducting transactions for occasional customers, which includes:
- Identifying Beneficial Owners
- Identifying Domestic and Foreign Politically Exposed Persons (PEPs) - Keep records of all customer transactions
- Identify all money laundering and terrorist financing risks associated with the products and services offered and implement appropriate mitigations for these risks
- Submit regulatory reports
- Register with the FIU
Where lower risks have been identified by the Reporting Person, Simplified Customer Due Diligence (SDD) may be applied if the low risk identified is consistent with the findings of the national risk assessment of the relevant supervisory authority or regulatory body, whichever is most recently issued.
What are my AML/CTF reporting obligations?
As a Reporting Entity, you must report suspicious transactions to the FIU. Your reporting obligations include:
- Suspicious Transaction Reports (STRs) - must be submitted within 5 working days of you becoming aware of the suspicious transaction;
- Note that cash transactions over Rs 500,000 (a single transaction or multiple transactions that add up to Rs 500,000) are not allowed and must be reported as suspicious if such transactions take place.