BANK OF MAURITIUS AND FINANCIAL SERVICES COMMISSION CREATE AN ARMY OF AML ENFORCERS

The Bank of Mauritius and the Financial Services Commission are creating a legion of staff to enforce and supervise the country’s tough Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) controls.

Under the Bank’s largest ever recruitment drive, new highly trained AML/CFT analysts are being hired to swell the ranks of the Bank’s supervisory team. They will be empowered to inspect and scrutinise the way in which Mauritian-based firms are adhering to the rules, and take enforcement action where needed. The new recruits will be selected on the basis of having a strong track record and knowledge in the financial services industry, and will come from a diverse range of professional and academic backgrounds.

Since 2020, the Commission has recruited a total of 66 compliance professionals to bolster its supervision, AML and enforcement functions. The new resources allow the Commission to ensure continuity in both its onsite and off-site supervision, in addition to boosting manpower in its enforcement directorate.

The Bank and the Commission will also support a new generation of 100 graduates from local universities. They will complete a year-long special AML training programme and will be provided with a monthly stipend.

Announcing the new drive, Mr. Harvesh Seegolam, Governor of the Bank of Mauritius, stated: “Following recent changes to enhance and strengthen AML/CFT legislation, it is more important now than ever that we resource our enforcement agencies so that they can uphold and implement the law effectively. I am proud to say that we are eagerly working on attracting 66 additional members to our AML/CFT supervisory team. They will be supported by 100 new graduates. We are committed to growing the very best skills and expertise from within the Mauritian population to get the job done, and to also develop the next generation of highly trained AML experts.”

Mr. Mardayah Kona Yerukunondu, First Deputy Governor of the Bank of Mauritius, and Chairperson of the Financial Services Commission, said: “Taking a strong stance on AML/CFT enforcement is a complex and demanding task, which requires persistence, expertise and muscle power. This is why we are looking forward to growing our ranks with new highly trained supervisors and graduates who together will ensure that we leave no stone unturned in safeguarding our international reputation as a credible financial centre.”

Mr. Dhanesswurnath Thakoor, Chief Executive of the Financial Services Commission said: “The recruitment at the Commission will enable the institution to implement a sustainable strategy for its core regulatory functions and monitor licensees’ compliance with AML/CFT obligations. We also intend to recruit Analysts in the IT department to roll-out in-house technological tools and modernise our approach to supervision.”

Posted by Minority Voice on Aug 26 2021. Filed under Actualités, Economie, En Direct, Featured. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry