Mauritius: corporate bank account opening
Mauritius corporate bank onboarding: registration, ownership, business purpose and funding under the Bank of Mauritius framework.
Mauritius · Banks · Bank of Mauritius
Corporate customers, including overseas companies · Account opening: AML/CDD review
By Matthew Lee
Logo: Corporate and Business Registration Department (CBRD), Office of the Registrar of Companies
Obtain the company's incorporation and registration evidence, governing documents, directors and addresses. The Mauritius registry guide distinguishes company information from other business-registration records. For a global-business structure, obtain the relevant licensing information as well as company evidence.
Owners and account authority
Apply FIAMLA, the FIAML Regulations and the Bank of Mauritius guideline to identify beneficial owners and take the required verification measures. Obtain the ownership chain, shareholder records and agreements establishing control. A management company's role does not identify the client's ultimate owners.
Verify representatives and authority. Obtain the board resolution or mandate naming account operators, joint-signature requirements and any delegation to a management company or other agent.
Establish the activity and funding
Record the business, proposed transactions, counterparties and countries. For an investment-holding company, obtain the subscription, asset-acquisition or intercompany-financing documents needed to explain the proposed transfers. Where opening funds come from a different party, obtain the relationship and payment evidence.
Apply enhanced measures and relevant PEP approvals to higher-risk cases, and resolve sanctions findings. Complete required verification under the applicable timing conditions before allowing activity.
Review changed owners, operators and funding through ongoing CDD. Keep the documents explaining the current structure and transactions, including revised mandates and relevant management-company instructions.