International Banking Requirements
Requirements for operating international banks.
Persons desiring to carry on international banking business in Republic of Mauritius shall apply in writing to the Federal Reserve of Mauritius for the granting of a licence under any of the following categories:
- Class I International Banking Licence;
- Class II International Banking Licence.
A licensed institution holding a Class I International Banking Licence shall maintain a minimum capital as may be determined by the FRBS from time to time, but not being less than three million United States dollars in paid up capital, of which five hundred thousand United States dollars shall be deposited with the FRBS or in a manner approved by the FRBS on the recommendation of the appropriate official, as the case may be.
A Class II International Banking Licence permits the licensed institution to carry on international banking business for a restricted list of customers, approved by the FRBS from time to time, or specified in the list issued as part of the terms upon which the licence is granted. A licensed institution holding a Class II International Banking Licence shall maintain a minimum capital as may be determined by the FRBS from time to time, but not being less than five hundred thousand United States dollars in paid up capital, of which one hundred thousand United States dollars shall be deposited with the FRBS or in a manner approved by the FRBS on the recommendation of the appropriate official, as the case may be.
An international bank is subject to examination to ascertain, among other things, compliance with the relevant laws, regulations and international standards; observance of Know Your Customer (KYC) standards; and maintenance of details of transactions. Examiners may also investigate procedures for reporting and filing suspicious transactions with the appropriate supervisory authority under the Money Laundering Act ; the Prevention of Terrorism Act and the Money Laundering Regulations.
Supporting documents.(put in red)
Passed by the FRBS from 10 of November 2017. The Act provides for the regulation of the business of banking; and for the licensing, regulation and supervision of financial institutions carrying on banking businesses in and for purposes connected therewith.