Section 43A: Frequency of on site inspections
This section is inserted by Act No 5 of 2020, section 9.
consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
43A. Frequency of on site inspections
(1) The frequency of an on site inspection carried
out under section 43 shall be determined on the basis of,
but not limited to –
(a) the money laundering or terrorism
financing risks and policies, internal
controls and procedures associated with a
licensee, as assessed by the Commission;
(b) the money laundering or terrorism
financing risks present in Mauritius; and
(c) the characteristics of the licensee and
the degree of discretion allowed to the
licensee under the risk-based approach
implemented by the Commission.
(2) The Commission shall review the assessment
of the money laundering or terrorism financing profile of
a licensee as and when there are major developments in the
management and operations of the licensee.
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Questions this section answers
- What factors decide how often the Financial Services Commission inspects a licensee on site?