Two Memoranda of Understanding (MoUs), aiming to enhance cooperation and facilitate the sharing of data in a reliable and secure manner among various government agencies in the context of the establishment of the Central KYC (Know Your Customer), were signed on Friday afternoon, in Port Louis.
The signatories were representatives from the Bank of Mauritius (BoM), the Civil Status Division (CSD), the Mauritius Police Force (MPF) and the Ministry of Information Technology, Communication and Innovation.
The Governor of the BoM, Mr Harvesh Kumar Seegolam, the Secretary for Home Affairs, Mr Om Kumar Dabidin, and other personalities were present at the signing ceremony.
In his address, Governor Seegolam highlighted that the exchange of information will be effected through the InfoHighway, which is an electronic platform set up by the Ministry of Information Technology, Communication and Innovation for secured data sharing between agencies. The Bank, he stated, will act as the gateway between financial institutions and Government database.
“The signing of the two MoUs is an important milestone in the achievement of our intended objective of enhancing customer experience and advancing the digital and innovation agenda earmarked for the 55th anniversary celebration of the BoM”, he underlined.
Mauritius, he said, has reiterated its commitment towards ensuring sustainability and continuity of the AML/FATF reforms following its exit from the FATF, the UK and the EU lists. One such reform is the establishment of the Central KYC system to facilitate the verification of customer identification documents, he indicated.
The Governor recalled that the Central KYC operational since 2018 is the national repository of citizens and corporates and help in reducing associated costs of carrying out multiple KYC document verifications on banks, non-bank deposit taking institutions, or other financial institutions. This initiative, he added, is in line with the objective to digitise and modernise the financial services sector of Mauritius.
For his part, Mr Dabidin stated that the signing of the two MoUs marks a strengthened collaboration between the different institutions. The sharing of certain information on the citizens of Mauritius will be carried out electronically in a safer way through the InfoHighway, he said.
He further indicated that commercial banks and insurance companies through the KYC and the InfoHighway platform will have access to valid, authenticated and comprehensive data from the CSD and the MPF thus reducing risks of personification and other types of frauds.
