Independent, Objective Entity or Structure Compliance Health Checks
For Management Companies and Other Licensed and Regulated Entities Operating in Mauritius. (Licensees)
Apart from the mandatory requirement to have an independent Compliance Audit Carried out every year, all relevant Licensees are responsible for ensuring that all the entities they manage are kept in a Compliant state at all times.
It is in the interests of your clients that their Entities are kept in Compliance and this is a Service that many of you may already be offering and charging for. If you, as a regulated service provider, are not performing this duty or charging for it, then we highly recommend that you consider doing so and not wait until you get an inspection from the regulator. We would be happy to offer free advice about this. Contact us.
The exercise should be carried at least once per year where each managed entity file is fully reviewed and a report prepared which highlights any deficiencies which must then be rectified by the client having received a request from your compliance reviewer.
This is a very time consuming task and one which a charge to the client must be made. The fees usually range between 300 to 1250 USD per entity that is reviewed, remedied and certified.
This is an area where redG can offer you an additional added value service which will make it evident that the extra charge is providing your client value for money.
Once you have been through the initial review and remedy process, all you need to do is send your file to us for a final check which will be an independent and objectives assessment of the level of Compliance the file has reached.
Once redG have conducted their independent review we will issue a "Certificate of Compliance" which will be date stamped.
The provision of am independent certificate adds value to both parties in that it provides you as the regulated and supervised licensee a demonstratable document showing that you have gone beyond what the regulator requires and provisioned a specialist third Party, redG in order to ensure the file has been properly scrutinized.
From the perspective of your client they will receive a copy of the Certificate of Compliance and this will undoubtedly demonstrate that the fee they paid for "The Annual Compliance Health Check" was indeed good value for money.
The newly revised FSC AML/CFT Handbook is designed to provide guidance to all financial institutions. Under the FIAMLA, a financial institution is an institution, or a person, licensed or registered or required to be licensed or registered under –
(a) section 14, 77, 77A or 79A of the Financial Services Act;
(b) the Insurance Act;
(c) the Securities Act; or
(d) the Captive Insurance Act 2015;
A copy of the Handbook may found here: -