The Bank of Mauritius and the Financial Services Commission are creating a legion of staff to enforce and supervise the country’s tough Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) controls. This announcement was made in a press communiqué issued yesterday.
This is defined as the Bank’s largest ever recruitment drive. It is specified that new highly trained AML/CFT analysts will be hired to swell the ranks of the Bank’s supervisory team. They will be empowered to inspect and scrutinise the way in which Mauritian-based firms are adhering to the rules and take enforcement action where needed. The new recruits will be selected on the basis of having a strong track record and knowledge in the financial services industry, and will come from a diverse range of professional and academic backgrounds.
Since 2020, the FSC has recruited a total of 66 compliance professionals to bolster its supervision, AML and enforcement functions. But the BoM and the FSC will also support a new generation of 100 graduates from local universities. They will complete a year-long special AML training programme and will be provided with a monthly stipend.
“We are committed to growing the very best skills and expertise from within the Mauritian population to get the job done, and to also develop the next generation of highly trained AML experts,” said Harvesh Seegolam, Governor of the Bank of Mauritius.
Mardayah Kona Yerukunondu, First Deputy Governor of the Bank of Mauritius and Chairperson of the Financial Services Commission, said that the two regulators are “taking a strong stance on AML/CFT enforcement”, which is a “complex and demanding task, which requires persistence, expertise and muscle power”.
This is why, he added, BoM and FSC “are looking forward to growing our ranks with new highly trained supervisors and graduates who together will ensure that we leave no stone unturned in safeguarding our international reputation as a credible financial centre.”
Dhanesswurnath Thakoor, Chief Executive of the Financial Services Commission, said that the Commission “also intend to recruit Analysts in the IT department to roll-out in-house technological tools and modernise our approach to supervision.”
