AML/CFT Policy

SG Financial Services Limited (SG) is a duly licensed Trust and Management Company by the Financial Services Commission in Mauritius, has the duty and function to actively prevent it services from being used for money laundering, funding of terrorist activities and other illicit activities. Money laundering and terrorist financing have been identified as crimes that have the potential to affect the soundness and stability of our financial system and to damage the reputation of Mauritius and that of our organization in the same process.

 

 To fulfill this objective we have put in place internal policies, procedures and controls, based on the Codes on the Prevention of Money Laundering and Terrorist Financing issued by the Financial Services Commission in April 2003. The Codes were subsequently revised in collaboration with the industry representatives and issued in July 2005 to meet new national and international initiatives.

 

 The Anti Money Laundering / Combating of the Financing Terrorist Codes (AML/CFT) build up on the provisions of Financial Intelligence and Anti Money Laundering Act 2002 (FIAMLA) and set out the preventive measures that financial institutions, trust and corporate service providers like our organization must put into place to counteract money laundering and terrorist financing. These Codes also take into account the Forty Recommendations and Nine Special Recommendations of the FATF and other international standards including IOSCO’s Principles on Client Identification and Beneficial Ownership for the Securities Industry and IAIS’s Anti-Money Laundering Guidance Notes for Insurance Supervisors and Insurance Entities.

 

 We verify each client’s identity through documentary evidence, online authentication, or both. In situations we cannot form a reasonable belief of what we consider the true identity of a client we will disengage provision of our services with immediate effect.

 

 We report evidence of Identity verification including all information provided by clients and retain these records for 7 years. We employ high standard procedures both to ensure that only relevant information is shared and to protect the confidentiality of client information.

 

 SG carries out regular audit checks on the adequacy of this AML/CFT policy and continuously develops internal controls based on its documentations.

 

 

The Compliance Officer

 

 SG Financial Services Limited

 SG Business Centre,

 3rd Floor Ebene Esplanade

 24 Bank Street Cybercity,

 Ebene, Mauritius