Mauritius AML Training May 2016 – Two Very Good Reasons You Should Attend

The following Mauritian directors and MLROs were sanctioned by the FSC Mauritius (see enforcement actions below)– how would you avoid such failures?

Mr. Babajee has failed as Director and as MLRO inasmuch as the above breaches have occurred during his tenure in office. He breached paragraph 4.2 of the Code on Prevention of Money Laundering and Terrorist Financing (the ‘Code’) insofar as it has failed to identify and verify the identity of clients in accordance with the requirements of the Code; and failed to comply with paragraph 7.7 of the Code since CMS failed to adopt a compliance culture.

Money Laundering Reporting Officer (“MLRO”) of FXP, Mr. Kaviraj Rookny has failed to satisfy the Committee that he has performed his incumbent duties in accordance with paragraph 3.4 of the Code. Given that the above breaches have been committed during the tenure in office of Mr.Kaviray Rookny as Director and MLRO of FXP, the Committee has concluded that Mr. Kaviraj Rookny is not fit and proper to hold position as officer in a licensee of the FSC Mauritius.

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