BANKING
The offshore banking is a diverse and complex industry, mainly due to complex licensing, compliance, correspondent accounts and regulation. The barriers to entry have increased significantly in the last 5 years and it is not something for regular people, but only for elected. To get new bank license the procedure is quiet difficult in many countries. When we refer to the amount of capital required, we mean the amount of cash on deposit required before the license is granted. Some countries have only one class of license while others offer different levels.
A license is granted provided that the applicant meets the required standards, including a minimum capital requirement.
Requirements for operating international banks.
We provide ability to apply 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 Federal Reserve of Mauritius from time to time, but not being less than one million United States dollars in paid up capital, of which two hundred fifty thousand United States dollars shall be deposited with the Federal Reserve of Mauritius or in a manner approved by the Federal Reserve of Mauritius 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 Federal Reserve of Mauritius 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 Federal Reserve of Mauritius from time to time, but not being less than three hundred thousand United States dollars in paid up capital, of which fifty thousand United States dollars shall be deposited with the Federal Reserve of Mauritius or in a manner approved by the Federal Reserve of Mauritius on the recommendation of the appropriate official, as the case may be.
An international bank is subject to annual on-site 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 and customers. Examiners may also investigate procedures for reporting and filing suspicious transactions with the appropriate supervisory authority under the Anty-Money Laundering Act; the Prevention of Terrorism Act and the Money Laundering (Prevention) Regulations.
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