What YOU should know

about the



(Within this document, “You” means the customer & “We”, “Our” and “Us” refer to the customer’s bank)

About the ‘Know Your Customer’ Policy:

The ‘Know Your Customer’ policy, commonly referred to as ‘KYC’, is a mandatory framework for all banks and other financial institutions and which sees to it that the identity of individuals or entities resorting to financial services is ascertained at all times.

 KYC is what helps ensure that individuals or criminal organisations are not using banks as intermediaries for identity theft, fraud, money laundering, financing of terrorism and other illegal activities.

 The KYC Policy is backed by laws and guidelines, namely:

The Banking Act 2004;

The Financial Intelligence and Anti-Money Laundering Act of 2002;

The Financial Intelligence and Anti-Money Laundering Regulations of 2003; and

The Bank of Mauritius Guidance Notes on Anti-Money Laundering and Combating the Financing of Terrorism

 The information collected is kept confidential and will not be disclosed to any third party except as provided by law, including under Section 64 of the Banking Act 2004.

What KYC implies for banks?

KYC is an irrevocable legal requirement for banks and which aims at protecting customers from impersonation and fraud and at mitigating reputational, operational and legal risks.

 As per KYC requirements, banks must always hold up-to-date and confirmed information about the identity, address, occupation, business and banking activities of all accountholders, clients and prospective customers.

 The KYC verification exercise relies on requesting customers and applicants to provide identification documents, data or information as and when deemed necessary.

Why KYC is important for YOU as a customer?

It is an essential component of what is required from you for opening an account at any bank, including through electronic means.

 It ensures that the relationship between you and your bank is properly maintained as per legal provisions, thus protecting you against theft identity or unauthorised fraudulent transactions at all stages of this relationship.

 It is applicable, but not limited to, opening or holding an account, having a fixed deposit, applying for a loan, renting a safe deposit box, entering into a fiduciary relationship or having recourse to a bank for a one-off transaction.

 It enables you to flag any change pertaining to your profile (residential address, employment details, change in account signatories, mandate holders, beneficial owners, etc.).

Consequences of not complying with KYC requirements:

Lack of required information or of mandatory KYC documents will irrevocably result in the rejection of any business proposal or application for banking services and products.

 This may also lead to account closure and a stop to all business transactions until the availability of all the information and documentation required for the KYC process.

 Insufficient and incorrect KYC information or documentation may also lead to suspicious transaction reporting as provided for in under Section 14 (Part IV) of the Financial Intelligence and Anti-Money Laundering Act of 2002.

Getting through the KYC verification

What is required from you are readily available documents that will help confirm your identity and address?

For individual customers, these are:

As Proof of Identity1:

1 Some banks may also consider accepting current driving licence as proof of ID as per their internal procedures.

National identity card / Current valid passport

As Proof of address:

Recent utility bill (Telephone / Electricity /Water bills) /Recent bank or credit card statement / Recent bank document specifying your address

Please note that additional documents may be required for non-residents and in other specific cases.

For Corporate customers:

The required KYC documents are those which will allow establishing and verifying the legal existence of the company and the identity of those in control of the company (directors, significant shareholders, ultimate beneficial owners, authorised signatories, etc).

Please bear in mind that KYC is an on-going process and that you could therefore be required to re-submit fresh identification documents and as per your bank’s own internal policy.

Help us protect you

KYC is a major element in our fight against financial crime and money laundering. Your collaboration to the KYC process is most critical as it is the stepping stone to better protecting you and other customers.

Just as we ensure at all stages of our relationship that your details remain confidential, unless required by law, we also urge you to never reveal your bank details or share your identity documents with third parties.

We thank you for understanding that for us, protecting you is of paramount importance and that we may therefore contact you for updating and confirming your customer profile.

Thank you for being a KYC compliant customer!

1 Some banks may also consider accepting current driving licence as proof of ID as per their internal procedures.