The Compliance Function monitors and oversees the following

  1. Review of Policies & Procedures of the Bank
  2. Implementation of Corporate Governance 
  3. Liaison with Regulators
  4. FATCA and CRS implementation and reporting.
  5. Report compliance issues
  6. Ensure implementation of recommendations and regulatory changes
  7. Compliance Risk Management
  8.  Advisories to Senior Management and Sales Departments
  1. Monitoring - AML Software/Transaction Monitoring
  2. Compliance advisories
  3.  Compliance Control and Testing - conduct KYC checks and other checks
  4. KYC software – risk classification of customers
  5. Review of High Risk customers
  6. Replying to Request for Information from investigative/ regulatory authorities
  7. Investigation and reporting
  1.  Customer Acceptance – Know Your Customer / Customer Due
  2. Fraud identification, investigation and reporting.
  3. AML Training/Compliance workshop and circulation of regulatory changes, issuing Compliance Digest
  4. Financial Crime and Investigations of Suspicious Transactions - File Suspicious Transactions
  5. Swift Sanction Screening monitoring
  6. Reply to queries from Correspondent banks

To enhance compliance culture, compliance training is provided to staff of the Bank as per below:

  • Induction Training to all new recruits.
  • Compliance Training provided at Departmental level specific to their requirements.
  • AML/Compliance Refresher Training provided regularly to front liners and management.
  • On a yearly basis an AML assessment is conducted and all staff of the Bank must participate.
  • Update concerning regulatory changes is also circulated to senior management and relevant departments.
  • Specific training concerning FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standards) is also provided to relevant departments.
Corporate Governance

The Bank continuously work in maintaining good relationships with its various stakeholders through accountability and transparency.

rmEmployees Equitable treatment of shareholders and staffValue creation for all Stakeholders Communication with stakeholdersAccountabilityPerformance management & ControlsDisclosure & TransparencyRisk ManagementBoard of Directors & Committees Corporate Governance

To comply with the National Code of Corporate Governance (2016) and Bank of Mauritius Guideline on Corporate Governance it is vital to recognize employees as valued stakeholders in terms of corporate social and ethical responsibility.


AfrAsia Bank Limited holds a Banking Licence to conduct banking business in Mauritius issued by the Bank of Mauritius under Section 7 of the Banking Act 2004 since 29 August 2007. The Bank and its Group Entities are regulated as follows:


The Bank is also a Primary Dealer as per the Bank of Mauritius requirement and is allowed to deal in government

Legal Entity Domiciled Regulatory Oversight
AfrAsia Bank Limited Mauritius (Domestic) Bank of Mauritius
Financial Service Commission
AfrAsia Corporate Finance (Africa) Limited - under liquidation Mauritius(GBL1) Financial Services Commission
AfrAsia Capital Management Limited Mauritius (Domestic) Financial Services Commission