As part of its Offsite Supervision, the Financial Services Commission (the “FSC”) launched the FSC Independent Audit Thematic Questionnaire (“IA Questionnaire”) on 15 October 2021.
The IA Questionnaire is an offsite supervisory tool aimed to assist the FSC in monitoring its licensees on Anti-Money Laundering /Countering the Financing of Terrorism issues, as well as identifying and mitigating emerging Money Laundering / Terrorism Financing risks in a timely manner.
In this respect, an Independent Audit Information Note (‘IA Information Note’) has been put together which highlights the good practices adopted by the FSC licensees and the deficiencies gathered from the IA Questionnaire. The aim of the IA Information Note is also to strengthen the understanding of FSC licensees towards their independent audit obligations.
The IA Information Note on ‘Overview of Independent Audit practices by FSC licensees’ can be viewed here.
Disclaimer
© 2022 Financial Services Commission Mauritius
The content of this presentation is proprietary and confidential information of FSC Mauritius. It is not intended to be distributed to any third party without the written consent of FSC Mauritius. The material in this information note has been prepared by FSC as at January 2022 and relates to general information. Information in this presentation is given in summary form as guidance only and does not purport to be complete. It should not be construed as an advice or a recommendation. Before acting on any information contained in the presentation, you should consider the appropriateness of the information.
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As part of its Offsite Supervision, the Financial Services Commission (the “FSC”) launched its 1st Cycle of the Transaction Monitoring and Suspicious Transaction Report Questionnaire (“STR Questionnaire”) in October 2020.
The STR Questionnaire is an offsite supervisory tool aimed to assist the FSC in monitoring its licensees on Anti-Money Laundering /Countering the Financing of Terrorism (“AML/CFT”) issues, as well as identifying and mitigating emerging Money Laundering / Terrorism Financing (“ML/TF”) risks in a timely manner.
In this respect, the STR Presentation highlights the good practices adopted by the
FSC licensees and the deficiencies identified. The aim of the presentation is also to strengthen the transaction monitoring and STR obligations of FSC licensees.
The STR Presentation on ‘Overview of Transaction Monitoring and Suspicious Transaction Report filing practices by FSC licensees’ can be viewed here.
Disclaimer
© 2021 Financial Services Commission Mauritius
The content of this presentation is proprietary and confidential information of FSC Mauritius. It is not intended to be distributed to any third party without the written consent of FSC Mauritius. The material in this presentation has been prepared by FSC as at July 2021 and relates to general information. Information in this presentation is given in summary form as guidance only and does not purport to be complete. It should not be construed as an advice or a recommendation. Before acting on any information contained in the presentation, you should consider the appropriateness of the information.
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Targeted Financial Sanctions (‘TFS’) refer to the measures for asset freezing and prohibitions to prevent funds or other assets from being made available, directly or indirectly, for the benefit of designated persons and entities.
Recommendation 6 of the Financial Action Task Force requires each country to implement the targeted financial sanctions regimes to comply with the United Nations Security Council Resolutions (UNSCRs) relating to the prevention and suppression of terrorism and terrorist financing.
In this respect, the presentation on TFS and PF provides an overview of the FATF Recommendations and highlights the objective of TFS and PF supervision system in Mauritius as well as the corresponding challenges.
The Presentation on Targeted Financial Sanctions and Proliferation Financing can be accessed here.
Disclaimer
© 2021 Financial Services Commission Mauritius
The content of this presentation is proprietary and confidential information of FSC Mauritius. It is not intended to be distributed to any third party without the written consent of FSC Mauritius. The material in this presentation has been prepared by FSC as at July 2021 and relates to general information. Information in this presentation is given in summary form as guidance only and does not purport to be complete. It should not be construed as an advice or a recommendation. Before acting on any information contained in the presentation, you should consider the appropriateness of the information.
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The Financial Action Task Force (FATF) Recommendation 1 states that in implementing a Risk Based Approach, Financial Institutions (FIs) should have in place processes to identify, assess, monitor, manage and mitigate money laundering and terrorist financing risks.
Recommendation 18 of the FATF requires financial institutions’ programmes against Money Laundering and Terrorist Financing (ML/TF) to include an independent audit function to test the system.
In order to assist Financial Institutions in applying national measures to combat ML/TF, the FSC Mauritius has updated the Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) Handbook on 31 March 2021 by elaborating on Business Risk Assessment and a new chapter on Independent Audit.
In this respect, the presentation on Independent Audit & Business Risk Assessment will address the common queries raised by the industry and act as a guidance to properly adhere to all AML/CFT parameters.
The Presentation on Independent Audit & Business Risk Assessment can be accessed here.
Disclaimer
© 2021 Financial Services Commission Mauritius
The content of this presentation is proprietary and confidential information of FSC Mauritius. It is not intended to be distributed to any third party without the written consent of FSC Mauritius. The material in this presentation has been prepared by FSC as at 11 August 2021 and relates to general information. Information in this presentation is given in summary form as guidance only and does not purport to be complete. It should not be construed as an advice or a recommendation. Before acting on any information contained in the presentation, you should consider the appropriateness of the information.
All Rights Reserved