Navigating the intricate compliance landscape of Mauritius demands expertise and precision. At CASS, our seasoned team ensures your business adheres to the stringent regulatory framework, fostering transparency and international standards compliance. All reporting persons, as defined under the First Schedule of the Financial Intelligence and Anti money Laundering Act 2002 (FIAMLA), should adhere to these obligations. With CASS, you can focus on your core operations with unwavering confidence, knowing that all your compliance needs are being met.

Tailored AML/CFT Manuals

Reporting persons must develop and adopt their own AML/CFT Compliance Manual in accordance with the relevant laws and regulations. The Manual will serve as an essential tool for managing company affairs within a highly compliant and secure environment.

At CASS, we offer our clients bespoke Manuals tailored to their specific business requirements. Our Manuals undergo periodic review and updates to ensure alignment with any changes in the clients’ business landscape or relevant AML/CFT legislation.

Comprehensive Risk Assessment

The risk assessment process forms the cornerstone of any effective AML/CFT framework. Organizations are tasked with identifying, assessing, and evaluating risks associated with Money Laundering or Terrorism Financing that could impede the achievement of their business objectives. Subsequently, they must develop and implement strategies to mitigate these risks.

Our dedicated team is here to assist in constructing thorough Business Risk Assessments and Client Risk Assessments, which represent the foundational documents in the risk assessment process.

Client Due Diligence

Customer Due Diligence (CDD) involves conducting thorough background checks, gathering pertinent information, and reviewing documentation on both existing and prospective customers. This process allows organizations to assess potential risks they may pose.

In response to global regulatory directives aimed at combatting money laundering, terrorism financing, and other illicit activities, organizations are compelled to adhere to stringent CDD requirements when establishing new client relationships.

At every step of the CDD process, our seasoned team offers comprehensive support. Rather than employing a superficial “tick-the-box” approach, we conduct meticulous and rigorous assessments of customer profiles. Depending on the risk profile of our clients’ customers, we tailor our CDD efforts to ensure the appropriate level of scrutiny, whether standard, simplified, or enhanced.

Ongoing Monitoring

CDD/KYC is not a one-off exercise; reporting persons must analyse and monitor the activities of their clients throughout their lifecycle and accordingly detect key changes over time and undertake regular reviews. It is key to identify customers whose risk profile may change according to various circumstances and take the requisite measures. Reporting persons must adopt an ongoing monitoring approach and conduct regular reviews.

To facilitate this ongoing monitoring, we offer assistance in reviewing and analyzing our clients’ customer databases. By conducting regular reviews and updates, we ensure that the risk profiling of the database remains accurate and up-to-date, thereby helping to maintain a well-screened client base.

Sanction screening

Sanctions screening forms a significant part of a well-designed framework in combatting money laundering, terrorist financing and other financial or illegal crime. Sanctions lists are maintained by major sanctioning bodies around the globe and help us to spot individuals, corporates or other legal bodies that have been flagged for having committed, or suspected of being involved in, crimes like terrorism, money laundering, weapon proliferation, human rights violation, drug trafficking and so on.

Individuals or businesses appearing on the sanctions lists pose a high risk for a financial institution and the latter must decide as to whether to prohibit or restrict any business relationship with them. Given the dynamic nature of sanctions lists, some businesses generally find it challenging to ensure that their clients (individuals and corporates) are screened continually.

Our team is equipped with the necessary tools to conduct ongoing sanctions and blocklist screening, helping businesses stay vigilant and compliant with regulatory requirements.

Code of business conduct adherence

Licensees have to meet the nine Guiding Principles from the Code of Business Conduct issued by the Financial Services Commission. This code was issued with an aim to ensure sound business conduct, inculcate confidence in the financial system, put in place high standards to preserve the good repute of Mauritius as an international financial centre and ensure fair treatment of consumers of financial services and the public in general.

Our team offers comprehensive assistance in establishing sound business conduct within your organization. We provide guidance on maintaining key registers, drafting policies on conflict of interest and related party transactions, and developing a code of ethics tailored to your core business values, among other services.

Independent compliance audit

Reporting persons are being subject to regulatory scrutiny with regard to their AML/CFT framework. Having an AML/CFT programme set down in black and white is not sufficient. The programme must be evaluated to ensure that the policies, systems, controls and procedures relating to AML/CFT are adequate, effective and being implemented by all the relevant players.

Conducting an independent audit is imperative to review and validate compliance with and the effectiveness of measures taken in accordance with the FIAMLA, the Financial Intelligence and Anti-Money Laundering Regulations 2018, and other relevant laws and regulations.

We evaluate the overall integrity and effectiveness of your AML/CFT program. Moreover, we provide a comprehensive report of our audit findings and offer recommendations to address any identified deficiencies.