Anti-Money Laundering

1. The Role of FSC Code on the Prevention of Money Laundering & Terrorist Financing
   1. Background and Scope
   2. Sanctions for non – compliance
   3. Core AML/ CFT principles
2. Money Laundering and Terrorist Financing
   1. What Is Money Laundering?
   2. Stages involved in Money Laundering
   3. Terrorist Financing
3. International AML/CFT Initiatives

Financial Action Task Force (FATF)

1. 1. Basel Committee on Banking Supervision
   2. The Wolfsberg Group
   3. International Organisation of Securities Commissions (IOSCO)
   4. International Association of Insurance Supervisors (IAIS)

EXTRA TERRITORIAL POWERS OF THE UNITED STATES

1. The Legal Framework in Mauritius
   1. The Financial Intelligence and Anti Money Laundering Act 2002 “FIAML Act”
   2. The Prevention of Terrorism Act 2002 “POTA”
   3. The Convention for the Suppression of the Financing of Terrorism Act 2003
   4. The Financial Services Act 2007 “FS Act”
   5. Exchange of Information between the FSC and the FIU
2. Internal Controls and Money Laundering Reporting Officer
   1. Internal Controls
   2. Appointment Of The Money Laundering Reporting Officer (MLRO)
   3. Notification Of The Appointment Of The Money Laundering Reporting Officer
   4. Role Of The Money Laundering Reporting Officer
3. Customer Due Diligence
   1. Customer Due Diligence Measures – “CDD MEASURES”
   2. Identification and verification of applicants for business who are natural persons
   3. Identification and verification of applicants for business who are legal persons/arrangements Acquisition of a
   4. Business or Block of customers.
   5. Source Of Funds/Property And Source Of Wealth
   6. Appropriate Certification
   7. Eligible And Group Introducers
   8. Omnibus Accounts
   9. Timing Of Verification Of Identity
   10. Existing Customers
4. High Risk and Low Risk Relationships
   1. Risk Profiling
   2. High Risk Relationship
   3. Enhanced Due Diligence Measures
   4. Politically Exposed Persons (PEPs)
   5. Non face – to – face business relationships
   6. FATF Statements and non – equivalent jurisdictions
   7. Low Risk Relationships
   8. Simplified Or Reduced Due Diligence Measures
5. On Going Monitoring, Recognizing and Reporting Suspicious Transaction / Activity
   1. On Going Monitoring •Complex Arrangements
   2. Recognising Suspicious Transaction And Activity
   3. Obligation And Failure To Repor
   4. Reporting Suspicions To The FIU Communicating With Customers And Tipping Off
   5. Constructive Trusts
6. Record Keeping 

1. 1. General Requirements
   2. Customer due diligence information
   3. Transactions
   4. Internal and external suspicious reports
   5. Training
   6. Compliance monitoring
   7. Forms Of Record And Record Retrieval
   8. Period Of Retention
   9. Inspection Of Records

7. FATF Recommendations Case Study.