KYC and Compliance Solution

Powering the future of FinTech and Regulatory Compliance

Navigating Regulatory Challenges in the BFSI Sector​

The BFSI sector in Mauritius contends with stringent regulatory requirements under laws such as the Financial Intelligence and Anti-Money Laundering Act (FIAMLA), Financial Crimes Commission (FCC), and the Bank of Mauritius Act. These regulations aim to prevent money laundering, terrorism financing, and fraud, bolstering the financial system’s security but also imposing significant operational challenges for institutions striving to maintain efficient compliance.

 

Institutions must conduct thorough Customer Due Diligence (CDD), report Suspicious Transactions (STR) to the FIU, and retain records for at least seven years under FIAMLA. The FCC mandates sanctions screening and robust fraud detection, while the Bank of Mauritius Act emphasizes adherence to prudential guidelines, strong risk management, and regular reporting. These requirements complicate the balance between compliance and operational efficiency.

Adapting to the Rapidly Changing Regulatory Landscape

In addition to the challenges posed by FIAMLA, FCC, and the Bank of Mauritius Act, institutions must remain agile to keep pace with continuous updates to local and global regulations. Changes in international standards, such as those from the Financial Action Task Force (FATF), often prompt amendments to domestic laws, necessitating rapid adjustments in institutional processes – particularly difficult for those reliant on legacy systems that lack flexibility.


The digital transformation of the BFSI sector has also introduced new risks like cybercrime and digital fraud, which demand real-time monitoring and advanced security measures. Institutions must be capable of detecting suspicious activities across extensive transaction volumes while maintaining service quality and customer experience.

Addressing Compliance Through Innovation

Our solution harnesses Artificial Intelligence (AI), Distributed Ledger Technology (DLT), and other advanced technologies to automate essential processes, including Customer Due Diligence (CDD), Know Your Customer (KYC) checks, and Sanctions Screening. By automating these compliance functions, institutions can reduce human error, accelerate customer onboarding, and enable real-time monitoring of transactions for suspicious activity.


Additionally, our fraud detection and risk management features equip financial institutions with the necessary tools to stay ahead of financial crimes while ensuring compliance with the Bank of Mauritius’ prudential guidelines. Seamlessly integrated into existing systems, our solution offers the scalability needed to adapt to evolving regulatory requirements, enabling institutions to remain compliant without disrupting operations.

Our Expert

“I am driven by the vital importance of prudent financial management.

Through our projects, we aim to safeguard the economic well-being of a country, ensuring resources are managed efficiently and effectively for the benefit of all citizens.”

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Navin Hurree

Project Manager

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