The latest revision of the Guideline on Private Banking (the "Guideline") by the Bank of Mauritius ("BoM") puts emphasis on the regulator’s willingness to combat Money Laundering and Terrorism Financing, while preserving the distinct service offerings to high-net-worth individuals.
The Guideline brings in key changes that banking institutions need to consider in respect to their delivery models and risk management practices.
At PwC, we aim to help banking institutions meet the requirements of the Guideline.
How PwC can assist
Reclassification of customer portfolio
The new definition of high-net-worth individuals encompasses the reclassification of your future private client onboarding whilst preserving the existing ones. We have elaborated a customer classification and onboarding process which will help you seamlessly abide by the new requirements with reduced burden on your operation.
Governance structure
Organisation of controls, compliance and board oversight have always been key elements of BoM's guidelines. We will work with your team to understand the current organisational set up, and advise on areas of duplication whilst not compromising on the different line of defense and ensure smooth business operations.
Risk Management practices
Our team of risk practitioners and banking experts have developed an intuitive way to embed the inherent private banking business risk into your overall risk framework to reduce duplication of work and increase focus on customer service delivery.
Automation
Reporting and oversight on your private banking business added another layer to the increasingly time-consuming regulatory surveillance. Our in-depth understanding of the BoM's reporting requirements and internal risk factors coupled with our knowledge of the banking industry and use of technology enable us to assist you in your report automation project.
Why PwC?
We have assembled a team of professionals from Banking, Legal, Technology, Risk and Compliance to assist you in the compliance journey.
The team has past and existing experience in helping several banks in Mauritius, Africa and Europe. We are currently assisting 2 major banks in Europe to achieve their regulatory reporting needs, and AML/CFT requirements.
