MBA Guide on Guarantors

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THINGS YOU SHOULD KNOW BEFORE AGREEING TO BE A GUARANTOR This page aims at increasing public awareness and understanding on the rights and liabilities of Guarantors before they commit to guaranteeing someone else’s debt. Who is a Guarantor? A “guarantor” is a person who gives his movable and immovable property as security and/or a person who…

Compliance by Banks to FATCA

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Compliance by Mauritian banks to the US Foreign Account Tax Compliance Act (FATCA) To facilitate adherence by Mauritian banks and other financial institutions to the US Foreign Account Tax Compliance Act (FATCA), enacted in the US in 2010, the Governments of the Republic of Mauritius and the United States of America signed a Model 1,…

MBA Guide on Return Cheques

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New Bank Procedures for Returned Cheques The Mauritius Bankers Association (MBA) wishes to inform the public that, as from 7 October 2014 and in line with directives issued by the Bank of Mauritius in the context of the new paperless Cheque Truncation System in place, all commercial banks will adopt the following procedures in respect…

Cheque Truncation Procedure

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The following new procedures have been adopted in respect of Cheque Truncation Before accepting/presenting at the bank a cheque, please ensure that:   Cheque is signed/endorsed The amount in words and figures, the name of the payee and the date are correctly written Cheque is written in blue or black ink Cheque is is not torn…

Whistle Blower Resolution

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lmportant Features of the “Whistle-Blowers” Resolution The CVC shall, as the Designated Agency, receive written complaints ordisclosure on any allegation of corruption or of mis-use of office by any employee of the Central Government or of any corporation established under any Central Act,government companies, societies or local authorities owned or controlled by the Central Government.…