A bank can choose to carry out exclusively private banking business or offer private banking services as part of its banking services. Private banks may also be exempted from such provisions of the Act and be subject to such terms and conditions and guidelines as the central bank may determine.

As part of their service offerings, private banks are allowed to hold, store or sell gold, silver, platinum, and other precious metals, as part of the management of their client’s investment portfolio and provide safety vault services to their clients for gold, silver, platinum, precious and semi-precious stones, precious metals, pearls, works of art and collectors’ pieces or antiques and such other high value goods as the central bank may determine.

The Bank of Mauritius has issued guidelines for banks licensed to carry on private banking business, setting out the regulatory and supervisory framework that would be applicable to banks licensed to carry on private banking business.