The double taxation treaty between India and Mauritius was the major source of money laundering. However, overhauling the exemptions saw reduced remittances in stock markets. Hence, let us understand the details of AML Certification in Mauritius. This certification goes into the details of different aspects of money laundering.
The important aspect of money laundering is the tendency and the need to operate the cross-border schemes that are taking place. To fight and combat money laundering measures, there is considerable progress. However, in Mauritius, the Financial Services Commission is the regulator for non-banking.
Overview of Economy
Mauritius is regarded as an underprivileged country. The country has transformed itself from an underprivileged income and agriculture-based economy to a middle-income economy that has flourished industrially, financially as well as in the tourism sectors.
What are the crimes in Mauritius?
Crime is regarded as an illicit activity that the country has the authority to take action against criminal activities. A criminal investigation is related to the examination and the study of facts that are used for providing information for criminal trials.
The crime in Mauritius is increasing day by day. The illicit activities include drug trafficking, terrorist financing, and corruption smuggling. So to combat these types of illicit activities it’s necessary to create awareness about AML activities. Therefore, it is advisable that banks sponsor and bankers opt for CAMP AML Certification in Mauritius.
What is the status of the FATF Evaluation?
FATF had earlier put Mauritius on the Gray List. But as Mauritius took effective steps to combat money laundering, FATF has now announced that Mauritius is been removed from the grey list of jurisdiction. Now there are no strategic deficiencies. Mauritius has built up the AML/CFT regime. The FATF has taken effective steps to curb the laundering that is taking place at large.
What is the big AML challenge in Mauritius?
Nowadays Money laundering in Mauritius is not regarded as a crucial aspect. The country has made a lot of effort to curb the problem related to money laundering. Mauritius passed Financial Intelligence and Anti Money Laundering Act (FIAMLA) in 2002. It incorporated its Financial Intelligence Unit (FIU) in the country.
Mauritius has appointed different financial institutions and regulators to look after the regulations of the entities related to money laundering and terrorist financing. Following are the regulators:
- Bank of Mauritius.
- Financial Services Commission (FSC).
- Financial Intelligence Unit (FIU).
- Independent Commission Against Corruption (ICAC).
So, to curb the problem of Money laundering, it’s necessary for all the citizens to understand the Anti Money Laundering domain. In the wake of creating awareness and keeping the bankers updated regularly an AML Certification in Mauritius becomes necessary.
AML Certification in Mauritius
To combat money laundering, the government of Mauritius has passed the Anti-Money Laundering and Combatting Financial Terrorism Act. Since Mauritius laws are very stringent. There are a lot of anti-money laundering challenges taking place in Mauritius. To control the money laundering that is taking place, the Mauritius citizens should get the knowledge of AML/ CFT in detail. Therefore, the country has taken important steps to combat money laundering. Money Laundering involves Financial Intelligence Unit.
In response to the expeditious growth in financial crimes and anti-money laundering, Regtech Times Academy has launched an AML Certification in Mauritius. Compliance professionals pursuing to meet the regulatory standards in an expanding market environment. Thus, AML certification in Mauritius plays a major role.
“Certified Anti-Money Laundering Professional Program” is designed for the professionals working in the AML, compliance domain. Hence, the Certified Anti-Money Laundering Professional Program is one of the AML certifications which has global recognition.
Riskpro Learning offers short-term online AML certification courses:
- Certification in Trade-Based Money Laundering– Proceeds of crime are laundered through international trade. This certification explains the different methods of trade and the informal value transfer systems.
- Risk-Based Money Laundering– This online learning course discusses different aspects of the risk-based KYC approach and the identification of high-risk customers.
- Shell Company Investigations– Money obtained from criminal activities is introduced in the shell companies to make it appear as income from legitimate sources. This short-term AML program helps the students to understand the different types of corporate structures.
Certified Anti-Money Laundering Professional Program
Since the aspirants register for the CAMP program, the aspirants will undergo a video-based learning program on the international case studies of various banks, get an overview of the PEP, understand the risk associated with money laundering, an overview of international laws and AML/CFT regulations imposed by Financial Action Task Force developed for the AML, compliance industry. AML professional’s skill set measures the program.
AML professionals would benefit from doing this program. Anybody who aspires to work in the core compliance field. Thus, the entrants who want to make their career in AML, compliance domain could choose this program.
The international edition of the Certified Anti-Money Laundering Professional program exhaustive video learning-based program developed by Regtech Times Academy. Thus, developing video learning and a resource book, offers exhaustive content in the risk and compliance domain.
Examination Pattern
The Certified Anti-Money Laundering Professional Program is liable for MCQ-based online examination. There are 100 questions for 100 marks. The duration of the examination is 2 hours. There are no negative marks. Therefore, the minimum passing mark for cracking the exam is 75%.
This certification is different from the other certifications as it would insist one explore the AML functions also the legislative overview that is global as well as the EU having the AML framework. Hence, the major outcome that the aspirants will get by doing this certification program is that they would get an understanding of the AML, and compliance skills.
Cost of AML Certification in Mauritius
The professional aspirants are in search of doing something unique related to AML, compliance domain globally. They want to explore different types of global certifications that would add value to their knowledge. Experienced AML professionals developed CAMP. Hence, the cost of the Certified Anti-Money Laundering Professional program is MUR 13500 for an individual to complete the program.
Prep Course for the AML Certification in Mauritius
In addition to the Certified AML Professional program, Regtechtimes Academy also offers the ACAMS Prep Course for the aspirants looking to take up the CAMS certification from ACAMS, USA. This course is a set of 6 simulated exams that would help the Algerian aspirants pass their CAMS exams successfully. We offer a very cost-effective model for the CAMS Prep course and accept payments in local currency.
