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Non-Bank Financial Institutions

The Financial Services Commission, Mauritius (FSC) is the integrated regulator for the non-bank financial services sector and global business. The FSC is mandated under the Financial Services Act 2007 and has as enabling legislations the Securities Act 2005, the Insurance Act 2005 and the Private Pension Schemes Act 2012 to license, regulate, monitor and supervise the conduct of business activities in these sectors. The FSC is the designated AML/CFT supervisory authority of financial institutions under its purview and is required to supervise financial institutions with respect to AML/CFT requirements. “Financial Institutions” regulated by the FSC include any institution, or a person, licensed or registered or required to be licensed or registered under –

  1. section 14, 77, 77A or 79A of the Financial Services Act;
  2. the Insurance Act, other than an insurance salesperson;
  3. the Securities Act, other than an entity registered with that Act as a reporting issuer and which does not conduct any financial activities;
  4. the Captive Insurance Act; or
  5. the Trusts Act as a qualified trustee; or
  6. section 12 of the Private Pension Schemes Act;
  7. the Virtual Asset and Initial Token Offering Services Act 2021;

AML/CFT Resources for Non-Bank Financial Institutions