We assist our clients in the liaison with local authorities. We accompany our clients with the preparation and submission of necessary applications to the authorities, coordinate with the authorities on the application progress, along with regular follow ups and clarifications to regulatory queries. We assist our clients in the preparation for statutory inspections by assessing the framework in place, reviewing the procedures and proposing (if required also in implementing) remedial actions.
An independent AML/CFT audit is mandatory for certain licensees, while it can be an option for other entities. During the audit, we shall assess existing documents/processes/practices. Once the evaluation is over, we coordinate for meetings/correspondences to clarify all the gaps identified and recommend solutions to the unresolved disparities. The audit involves an evaluation of the risk assessment and the AML/CFT Framework which includes, testing of processes and transaction monitoring as well.
We help your organisation to assess its position and implement a bespoke framework in place. Mauritius is a founder member of the Eastern and Southern Africa Anti Money Laundering Group (ESAAMLG) which assesses the level of compliance of its members with the FATF recommendations. This assessment considers compliance in terms of technical compliance (the legislative framework) and the level of effectiveness of a member’s AML/CFT measures. Following the qualification of Mauritius as a jurisdiction having strategic AML/CFT deficiencies and a “Jurisdiction under Increased Monitoring”, local authorities intensified all regulations immediately and introduced heavy penalties for organisations and individuals failing to implement necessary AML/CFT measures in place.
The assessment of your business risk is now more important than ever. It helps to identify the vulnerability of your organisation to money laundering and terrorism financing (ML/TF) and guides you to the recommended solutions that need to be implemented. What is the use of a risk assessment without a solution to the concerns identified? Our offering also comprises:
Risk Profiling
Risk Appetite Statement
Risk Mitigation Report
More than ever, it has become important not only to adopt good governance measures but to document those measures. We assist your organisation the drafting of Corporate Governance Reports, Board Charters, Governance Manuals, Terms of References and Policies.
We can undertake an Independent Board Evaluation exercise to assist you in ensuring that your organisation’s board composition, board member relations, board member contributions, board member competencies and board member compliance are adequate. We have different approaches to this exercise including questionnaires and interviews/meetings. The evaluation exercise is customised for each organisation.
Often, the process for application of special licences with the local authorities can be complex. We assist your organization in drafting, reviewing and compiling all necessary documents for submission to the local authorities. We assure regular follow ups and update you on the progress. We assist with the liaison with the authorities. The risk of not making a complete application with the authority is that the application is dismissed/rejected. As such, professional assistance for such applications help in getting the process completed faster and more effectively.
We assist our clients in the drafting, adoption and implementation of customised manuals and policies. These include the AML/CFT Manual, the Procedures manual, the client onboarding/acceptance policy, KYC/PEP/EDD Policy, Risk Policy, Governance Policies, amongst others.
We have adequate software and expertise to coordinate for all your screenings including PEP screening, Sanction Screening and ML/TF Screening.
In certain cases, the normal due diligence exercise is not enough and enhanced due diligence has to be undertaken. We assist you in identifying the relevant documents to be collected and assist you with an EDD Report.
We can assist you with your FATCA Classifications, registrations with the Internal Revenue System (IRS) of the US for a Global Intermediary Identification Number (GIIN) and with your reporting requirements with the MRA. The Common Reporting Standards (CRS), on the other hand, were proposed by the OECD with an aim to encourage cross border exchange of information on financial accounts.