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Legislation

The banking sector in Mauritius is governed primarily by the Bank of Mauritius Act 2004, the Banking Act 2004 and Regulations made thereunder.

The Bank of Mauritius Act 2004 establishes the Bank of Mauritius, the central bank of the Republic of Mauritius, as a body corporate with perpetual succession and sets out, inter alia, its primary and other objects, powers and functions. The Bank of Mauritius fulfils its functions independently as mandated by the Bank of Mauritius Act 2004. The Bank of Mauritius (Compoundable Offences) Regulations 2008 has been made under the Bank of Mauritius Act 2004.

The Banking Act 2004 sets out the framework for the licensing, regulation and supervision of banks and other financial institutions such as non-bank deposit taking institutions and cash dealers. The Banking (Processing and Licence Fees) Regulations 2015 were issued under the Banking Act 2004 in January 2016 and prescribe the processing and licence fees currently applicable to prospective and existing licensees.

The Financial Intelligence and Anti-Money Laundering Act 2002 (“the FIAMLA”) and the Financial Intelligence and Anti-Money Laundering Regulations 2018 prescribe, inter alia, the customer due diligence and transaction monitoring standards to be implemented by financial institutions so as to combat money laundering and terrorism financing while the Prevention of Terrorism Act 2002 and the regulations made thereunder provide for measures to combat terrorism in general.

Legislation

Regulations