The FX regulator in Mauritius, the Financial Services Commission (FSC), has recently signed a MoU, or memorandum of understanding, with the local Anti Money Laundering/Combating the Financing of Terrorism agents (AML/CFT).
This cooperation also endeavours to cover the training in AML. Furthermore, as part of this training, officers of the FSC will be expected to learn how to assess a potential money laundering situation and how to report it.
The MoU reminds the regulated entities under the FSC that they are bound by their license to report suspicious activity of both individuals and groups that are named in the United Nations Security Council’s Sanctions List.
This is nothing new, as it is perfectly normal among financial regulators throughout the world to follow global initiative that aim to combat money laundering and the financing of terrorism. Furthermore, it is required, under the MoU, for licensees to do regular check ups of their account holders, and whether they hold any suspiciously gained funds.
Is it important to note that Mauritius has a fair number of unlicensed brokerages and/or similar that operate within its territory. Furthermore, the regulator has taken the necessary actions to adjust to the changing and ever growing demand of crypto coins.
