The ‘Know Your Customer’ Policy, commonly referred to as ‘KYC’, is a mandatory framework for all banks and other financial institutions used for customer identification process. It sees to it that the identity and permanent address of individuals or entities resorting to financial services are ascertained at all times.
The KYC Policy is backed by laws and guidelines, namely:
- The Banking Act 2004;
- The Financial Intelligence and Anti-Money Laundering Act (FIAMLA) of 2002;
- The Financial Intelligence and Anti-Money Laundering Regulations (FIAMLR) of 2003; and
- The Bank of Mauritius Guidance Notes on Anti-Money Laundering and Combating the Financing of Terrorism