Financial Intelligence and Anti Money Laundering Act

Financial Intelligence and Anti-Money Laundering Regulations 2003

[GN 79 of 2003 –21 June 2003] [Section 35]

1. These regulations may be cited as the Financial Intelligence and Anti-Money Laundering Regulations 2003.

2. In these regulations –

"Act" means the Financial Intelligence and Anti-Money Laundering Act;

"applicant for business" means a person who seeks to form a business relationship, or carry out a one-off transaction with a relevant person;

"business relationship" means an arrangement between a person and a relevant person, where the purpose or effect of the arrangement is to facilitate the carrying out of transactions between the person and the relevant person on a frequent, habitual or regular basis;

"eligible introducer" means any person who introduces an applicant for business to a relevant person in Mauritius and –

(a) is regulated under the Act or any similar legislation in an equivalent jurisdiction, or is subject to rules of professional conduct relating to the prevention of money laundering and terrorist financing; and

(b) is based in Mauritius or in an equivalent jurisdiction;

"equivalent jurisdiction" means such jurisdiction having standards pertaining to measures on anti-money laundering comparable to Mauritius as may be specified in the guidelines issued by the FIU under regulation 10;

"group introducer" means an introducer which is part of the same group as the relevant person to whom the applicant for business is introduced and is, for anti-money laundering purposes, subject to

(a) the consolidated supervision of a regulator in Mauritius or in an equivalent jurisdiction; or

(b) the anti-money laundering regulations of a regulator in Mauritius or in an equivalent jurisdiction;

"Money Laundering Reporting Officer" means an officer appointed pursuant to regulation 6(1)(a);

"omnibus account" means an account which is held with a relevant person in the name of a financial institution, or a bank, which is regulated under the Act or regulations made under it, or any similar legislation in an equivalent jurisdiction and –

(a) the assets of the customers of the financial institution or the bank are held in aggregate in such account; or

(b) such account is held on behalf of pooled entities, including collective investment schemes, pension funds and such other bodies, plans or schemes as the Minister may designate;

"one-off transaction" means any transaction carried out other than in the course of a business relationship;

"reference account" means an account that is identifiable solely by the reference assigned to that account;

"relevant person" means a bank, financial institution or cash dealer.

[Reg. 2 amended by reg. 3 of GN 117 of 2005 w.e.f. 9 July 2005; reg. 3(a) of GN 127 of 2006 w.e.f. 23 September 2006.]

3. (1) No person shall, in the course of his conduct of business as a relevant person, open an anonymous or fictitious account.

(2) No bank or financial institution shall allow any person with whom it forms a business relationship to conduct any transaction with the bank or the financial institution, by means of a reference account unless the bank or the financial institution has duly verified the identity of the applicant for business in accordance with these regulations.

4. (1) Subject to regulation 5, every relevant person shall, in the circumstances set out in paragraph (2), establish and verify in accordance with this regulation –

 (a) the identity and the current permanent address of an

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