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    BOM Updates Guidelines and Guidance Notes in July 2017

    July 21, 2017

    The Bank of Mauritius (BOM) revised two guidelines and updated a guidance note for the financial sector. The issued guidelines cover banks licensed to carry on private banking business and the computation of loan-to-value (LTV) ratio for residential and commercial property loans. The updated guidance notes are on anti-money laundering and combating the financing of terrorism (AML/CFT) for financial institutions.

    The updated guidance notes on AML/CFT set out the broad parameters within which financial institutions should operate in order to ward off money laundering and terrorist financing risks. The revised guideline on private banks sets out the regulatory and supervisory framework that would be applicable to banks licensed to carry on private banking business. The revised guideline on LTV computation sets out the procedures and guidance to be followed by banks for determining the LTV limits when granting credit facilities for the purchase/construction of commercial/residential properties in Mauritius. This guideline is issued under the authority of Section 100 of the Banking Act 2004 and Section 50 of the Bank of Mauritius Act 2004 and it applies to all banks licensed under the Banking Act 2004.

     

    Related Links

    Guideline for Private Banks

    Guideline on LTV Computation

    Guidance Note on AML/CFT

    Keywords: Middle East and Africa, Mauritius, Banking, LTV, AML/CFT, Private Banking, BOM

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