The Financial Services Commission (the ‘FSC’) is pleased to announce the release of an Information Booklet on Effective Customer Risk Assessment (‘Information Booklet’) intended for Management Companies (‘MCs’). The Information Booklet serves as guidance for MCs to operate within a risk-based environment. It is intended to assist MCs in the development of their internal controls systems.
As highlighted previously by the Chief Executive of the FSC, “the international FATF principles and the Code on the prevention of Money Laundering & Terrorist Financing are valuable instruments to fight against global crimes which are a threat to sustainable economic growth. While the Anti-Money Laundering policies and procedures must be based on local regulations and global best practices, the challenge is always the same - to ensure that those actions designed to combat and prevent crimes, in addition to being well designed, are also effective”.
Therefore, to sustain its competitive edge acquired over the years in the financial services sector, Mauritius has to maintain its good repute as a financial services centre. Service providers in the global business sector, including MCs, must ensure that there is an effective system of monitoring of the control framework. Risk profiling and risk grading of clients remain the crucial components of this framework.
The FSC hence encourages all MCs to use the Information Booklet as a tool to establish their effective internal control system as well as an opportunity to review their existing structure.
Financial Services Commission
30 December 2013
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