At the end of the workshop, participants will:
Understand AML/ CFT’s definitions.
Understand the concept of money laundering and the salient features of the Anti-Money Laundering Act and Regulations in Mauritius.
Understand the concept of customer due diligence (CDD), its requirements and application and the different levels of CDD and the specific processes/issues related to them.
Identify covered and suspicious transactions.
Understand record-keeping requirements.
Learn how to protect your company from the risk of money laundering, terrorism financing.
Understand the implications and penalties for non-compliance with AML/CFT legislation and regulatory requirements.
Get updated AML/ CFT practices.
Who Should Attend This Workshop?
- All job levels specialized in anti-money laundering and combating the financing of terrorism (AML/CFT);
- All job levels specialized in regulatory compliance, and
- All job levels specialized in risk management.
- Anyone interested in the subject.
The Role of FSC
Code on the Prevention of Money Laundering & Terrorist Financing
Money Laundering and Terrorist Financing
International AML/CFT Initiatives
Financial Action Task Force (FATF)
Basel Committee on Banking Supervision
The Wolfsberg Group
International Organisation of Securities Commissions (IOSCO)
International Association of Insurance Supervisors (IAIS)
EXTRA TERRITORIAL POWERS OF THE UNITED STATES
The Legal Framework in Mauritius
The Financial Intelligence and Anti-Money Laundering Act 2002 – “FIAML Act”
The Prevention of Terrorism Act 2002 – “POTA”
The Convention for the Suppression of the Financing of Terrorism Act 2003
The Financial Services Act 2007 -“FS Act”
Exchange of Information between the FSC and the FIU
Internal Controls and Money Laundering Reporting Officer
Appointment Of The Money Laundering Reporting Officer (MLRO)
Notification Of The Appointment Of The Money Laundering Reporting Officer
Role Of The Money Laundering Reporting Officer
Customer Due Diligence
Customer Due Diligence Measures – “CDD MEASURES”
Identification and verification of applicants for business who are natural persons
Identification and verification of applicants for business who are legal persons/arrangements Acquisition of a Business or Block of customers.
Source Of Funds/Property And Source Of Wealth
Eligible And Group Introducers
Timing Of Verification Of Identity
High Risk and Low Risk Relationships
High Risk Relationship
Enhanced Due Diligence Measures
Politically Exposed Persons (PEPs)
Non face-to-face business relationships
FATF Statements and non-equivalent jurisdictions
Low Risk Relationships
Simplified Or Reduced Due Diligence Measures
On-Going Monitoring, Recognising and Reporting Suspicious Transaction / Activity
Recognising Suspicious Transaction And Activity
Obligation And Failure To Report
Reporting Suspicions To The FIU
Communicating With Customers And Tipping Off
Training and Culture
Customer due diligence information
Internal and external suspicious reports
Forms Of Record And Record Retrieval
Period Of Retention
Inspection Of Records