Mauritius | Finances

June 11, 2013

Bheenick Reminds Banks to Order

Banks tainted by scandal financial scams related Ponzi scheme, four others who have experienced setbacks in India ... At the annual dinner of the Mauritius Bankers Association, Thursday, June 6, the Governor of the Central Bank, Rundheersing Bheenick are not gone dead hand, urging bankers to be more vigilant. Reminding them of their duty in particular, through two basic rules.

The first:. Need for bankers to strictly apply the principle associated with the concept of Know Your Customer "The need to know your client requires you to pass a judgment based on a thorough credibility in all aspects approach. It is your responsibility to ensure that your institution does not become a conduit for conveying fraudulent money " , stated the Governor of the Central Bank. His comments follow the scandal of Ponzi Schemes with scams around Rs 1 billion.

The second rule relates to proven laws, regulation of the banking system and the system of debt recovery in foreign countries where the banks want to do business knowledge. She was raised as a result of the unfortunate experience that four local banks have made in India. Two years ago, these institutions have participated in a financial arrangement set up by the Indian operators. 

About Rs 3 billion has been invested. It was only last year that they have realized that the credibility of debt repayment Indians was not blameless. "Bankers need to be cautious when considering dealing with foreign countries. They must know deep in their legislation, banking regulatory system and the whole process associated with debt collection in the country where they intend to do business " , said Rundheersing Bheenick. 

 

Text by lexpress.mu
 

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