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What is C-KYC?

• A Central KYC Registry or C-KYC is a centralised repository of KYC information of customers availing various services in the Financial Services sector.

• This Registry enables Financial Institutions (FIs*) to cut down on the lengthy process of customer onboarding and the costs entailed therein, while saving their customers the hassle to produce similar documentation multiple times.

• Based on a unique KYC Identification Number (KIN) issued by the C-KYC Registry, the customers can get onboarded by any other FI in the country.

Why is C-KYC important?

C-KYC as a concept is designed to protect against money laundering (ML) and terrorist financing (TF) violations. It seeks to eliminate the fallacies of a standalone KYC process used by FIs. It also aims at providing an enhanced customer experience by eliminating the need for producing the same set of documentation and going through the same procedures across multiple FIs over what is often a lengthy process.

^{* FIs (Financial Institutions) are entities regulated by Central Banks, Capital Market regulators or such other bodies or agencies which are responsible for overall governance of financial market transactions.} 

The FATF and EC identified 5 key issues for Mauritius. 

Our recent publication summarises and comments on The Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) (Miscellaneous Provisions) Act. The Bill aims to address these strategic and operational deficiencies required to comply with the recommendations of the FATF and EC.

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