The Banking Act and Bank of Mauritius Act first promulgated in 2004 stand amended in August 2020. The BoM Act carry various objectives such as ascertaining and promoting the soundness of financial institutions and compliance in adhering to governing laws, rules and regulations; ensuring the adoption by financial institutions of policies to effectively control and manage risks; monitoring of system-wide factors that may have a negative impact on financial institutions. The Banking Act entails, among others in terms of application for banking license that no person shall engage in the banking business, Islamic banking, digital banking, or private banking business without approval by the Central Bank; anybody corporate may apply to the Central Bank for a banking license.

Source: Bank of Mauritius