Mauritius AML for Accountants: FIAMLA and the FIU

Mauritius regulates anti-money laundering (AML) through the Financial Intelligence and Anti-Money Laundering Act 2002, known as FIAMLA. Accountants and auditors can be "reporting persons" under it, with duties to carry out due diligence, keep records and report suspicious transactions to the Financial Intelligence Unit (FIU). This guide is based on the copy of FIAMLA published on the Financial Services Commission (FSC) website, which carries amendment notes up to Act No. 10 of 2024, and on a law firm note about the FIU's 2021 registration notice. The copy we read was truncated and the schedules were not included, so we say where that limits what we can state.

Who is a reporting person

Section 2 of FIAMLA defines a reporting person as a bank, financial institution, cash dealer or member of a relevant profession or occupation. A "member of a relevant profession or occupation" is defined by reference to Part I of the First Schedule, and an "auditor" is a person licensed to practise as an auditor under the Financial Reporting Act. Because the First Schedule was not in the copy we read, we cannot confirm exactly how accountants are listed or which regulatory body is named for them. A DLA Piper Africa note about the FIU's notice of 1 June 2021 says the new reporting persons include members of designated professions and occupations such as accountants, attorneys, barristers and notaries, dealers in jewellery and precious metals, real estate agents and developers, and company service providers, and that registration was required only for those carrying out prescribed activities.

Who supervises

Under section 2, the statutory supervisory authorities are the Bank of Mauritius, the Financial Services Commission and the Registrar of Co-operative Societies, plus any regulatory body listed in the second column of Part I of the First Schedule. The FIU is not a supervisory authority under that definition. Section 10 makes it the central agency for receiving and analysing reports. Because the schedule was not available to us, confirm with the FIU which body supervises your firm.

Registering with the FIU

Section 14C of FIAMLA requires reporting persons to register with the FIU. According to DLA Piper Africa, the FIU issued a notice on 1 June 2021 requiring new reporting persons to register on the goAML platform no later than 30 June 2021, and persons already registered did not have to re-apply unless their activities had changed. There is also a set of registration regulations dated 2019 on the FSC website, which we did not read.

Customer due diligence

Section 17C(1) of FIAMLA applies due diligence when opening an account or establishing a business relationship, for occasional transactions of 500,000 rupees or more (single or linked), for wire transfers, where identity data is doubtful, and where money laundering or terrorist financing is suspected. Enhanced due diligence is required for higher-risk customers and simplified measures may be used for lower-risk ones (section 17C(3) and (4)). Knowingly giving false or misleading information in due diligence carries a fine up to 500,000 rupees and/or imprisonment up to five years (section 17C(6)). For the principles in practice, see our guide to customer due diligence in accountancy practices and the section on politically exposed persons.

Reporting suspicious transactions

Section 14(1) requires a report to be made "promptly but not later than 5 working days after the suspicion arose". Failing to report in time is an offence under section 14(3), with a fine up to one million rupees and/or imprisonment up to five years. Failing to supply information requested by the FIU, or falsifying or destroying relevant records, carries a fine up to one million rupees and/or imprisonment up to five years (section 13(8)).

Tipping off

Section 16(1) says reporting persons, auditors and their officers must not disclose that a suspicious transaction report has been filed or that related information has been requested or furnished. A breach carries a fine up to five million rupees and/or imprisonment up to ten years (section 16(3A)). Section 16(2) protects good-faith reporting from civil proceedings.

Record keeping

Section 17F(2) requires records to be kept for at least seven years: due diligence records including account files and identity documents for seven years after the business relationship ends, transaction records for seven years after the transaction is completed, and copies of suspicious transaction reports for at least seven years from the date of the report.

Breaching the due diligence rules

Breaching section 17C knowingly or without reasonable excuse is an offence under section 19(1)(a), with a fine up to ten million rupees and/or imprisonment up to five years.

What we could not confirm

• The First Schedule, and therefore how accountants are defined and which regulator supervises them.
• Whether later amendments after those noted in the copy we read have changed the figures above.
• The 2019 registration regulations and the FIU's guidance, which we did not read.
• Which of your services are "prescribed activities" that trigger registration.

Practical steps: our suggestions

These are our suggestions, not requirements of FIAMLA.

1. Confirm with the FIU or your professional body whether your firm is a reporting person and which supervisor applies.
2. Check that your firm is registered on goAML and keep the confirmation on file.
3. Set an internal deadline well inside the five working days for escalating suspicions.
4. Keep a seven-year retention schedule for client and transaction records.
5. Train staff on tipping off, which carries the highest penalty in the sections we read.

For comparison with other African regimes, see our guides to Zambia and Uganda.

Frequently asked questions

How quickly must I report a suspicion in Mauritius?

Promptly, and not later than five working days after the suspicion arose, according to section 14(1) of FIAMLA.

How long must records be kept?

At least seven years, under section 17F(2).

Do I need to register with the FIU?

Section 14C requires reporting persons to register, and the FIU's 2021 notice asked new reporting persons to use goAML.

This guide is general information, not legal advice.