Advanced Search

The Banking Act 2004

The Banking Act 2004 (‘2004 Act’) was enacted in October 2004 and came into operation by proclamation on 10 November 2004. The 2004 Act is the enabling legislation for all financial institutions falling under the purview of the Bank of Mauritius. The 2004 Act repealed the former Banking Act 1971 and Foreign Exchange Dealers Act 1995, and consolidated the laws relating to the business of banking and other financial institutions and provided for a single licensing regime for banks. The Banking Act 2004 strengthened the regulatory framework in order to lay the whole banking system on more solid foundations, and to better face systemic risks and monetary shocks.