Issue 36
September 2025
Welcome to the MBA's News Digest!
Dear readers,
Financial experts share their perspectives ahead of the 2027 ESAAMLG Mutual Evaluation for Mauritius.
FinCEN issues Guidance to financial institutions on Cross-Border Information, in a bid to combat threats posed by illicit finance activity.
In Australia, a proposed legislation aims to bring digital wallets, cash distribution services, buy now, pay later schemes and other emerging payment methods within regulatory oversight.
Best wishes,
The MBA team
Mauritius: Dialogue on AML/CFT
16 September 2025
On 16 September 2025, the CEO of the MBA, Mr. Daniel Essoo, joined Mr. Faraz Rojid, CEO, Mauritius Finance, and Mr. John Cusack, AML & Financial Crime Compliance global expert, at a panel discussion titled ‘Dialogue: Supervisory Outlook and the Road Ahead’, as part of Abler Group’s Future-proofing AML/CFT Compliance Masterclass.
Mr. John Cusack, who led the masterclass, is recognised globally as one of the foremost voices in financial crime compliance; having held prominent leadership roles such as Global Head Financial Crime Compliance at UBS, Global Financial Crime Head, Standard Chartered Bank, and Co-Chair of the Wolfsberg Group.
The aim of the event was to share perspectives, ahead of the forthcoming 2027 ESAAMLG mutual evaluation for Mauritius.
In his address, Mr. Daniel Essoo, laid emphasis on building awareness within the private sector. “The Mauritius IFC relies on its good reputation, which is based on the fact that we are a trustworthy jurisdiction. A good rating at the next ESAAMLG evaluation will be key for us, and we need to demonstrate consistency in our efforts against financial crime to achieve this,” he stated.
Mauritius: International Literacy Day 2025
8 September 2025
On 8 September 2025, the MBA released a financial awareness video, to coincide with International Literacy Day celebrations, which was themed “Promoting literacy in the digital era” this year.
Digitalisation has revolutionised the banking sector, heightening along with it a need for more awareness, and cyber vigilance.
This latest campaign aims at encouraging the efficient use of digital channels for banking purposes, while sensitising the public on the risks of phishing, and scams.
Pa blie, zame partaz okenn kod!
U.S.: FinCEN Issues Guidance to Financial Institutions on Cross-Border Information Sharing
5 September 2025
‘Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is issuing guidance to encourage and promote appropriate, voluntary cross-border sharing of information between and among financial institutions, including appropriate foreign financial institutions. The guidance aims to help combat the threats posed by money laundering, terrorist financing, and other illicit finance activity, including from drug trafficking organizations, foreign terrorist organizations, and fraudsters. The guidance clarifies that while financial institutions are prohibited from sharing Suspicious Activity Reports (SARs), as well as information that would reveal the existence of a SAR, the Bank Secrecy Act and its implementing regulations generally do not prohibit cross-border information sharing. FinCEN is issuing the guidance in consultation with staffs from the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and National Credit Union Administration.’
France: FATF, Egmont Group, INTERPOL and UNODC call for stronger co-operation between countries as they launch handbook to fight money laundering
5 September 2025
‘The handbook highlights real-world cases that demonstrate the impact of international cooperation: Financial Intelligence Units in Italy, Spain and the Netherlands uncovered a €95 million cross-border laundering scheme through joint analysis and intelligence sharing. Operation AVARUS-X in Australia, supported by U.S. Homeland Security, dismantled a laundering network exploiting money service businesses to transfer billions of AUD annually. U.S. and Indian authorities co-ordinated in real time to seize cryptocurrency assets worth USD 150 million linked to drug trafficking. An INTERPOL-supported multinational investigation into rhino horn trafficking secured convictions in Singapore, backed by evidence from South Africa.’
Australia: Banks welcome passage of Payments System Modernisation Bill through the House
3 September 2025
‘The proposed legislation will bring digital wallets, cash distribution services, buy now, pay later schemes and other emerging payment methods within regulatory oversight, significantly enhancing protections for consumers. ABA CEO Simon Birmingham welcomed this progress to update and modernise the rules within Australia’s payments system. “Australians made around $160 billion in payments using mobile wallets last year alone, yet our payments rules have not had a significant refresh in more than 25 years,” Mr Birmingham said. “These laws must evolve and bring Australia’s outdated payments regulation into the digital age. “Currently, our payments system laws date back to a world of cheques, swipe cards, and dial-up internet. It’s time they reflect the dramatic shift in the way consumers make payments. “The explosion of digital wallets in everyday transactions means regulation must catch up. Consumers should have the same protections whether they tap their bank card or their mobile phone. “This is about having consistent rules across all payment providers. Under this legislation, tech giants offering mobile wallets will need to meet the same standards as banks and other regulated payment services.’
Australia: Australian banks support card surcharging ban, urge alternative on interchange fees
9 September 2025
‘ “Banks therefore fully support the government and the RBA’s intent to ban card surcharging and the certainty it will provide to consumers.” Mr Birmingham said the ABA was concerned about other potential changes to already low interchange fees paid by businesses and the impact they will have on competition and cardholders. “Although banning surcharges will be welcomed by Australian consumers, the consequences of other RBA proposals that increase card costs and reduce card benefits will likely far outweigh this,” Mr Birmingham said.’
Luxembourg: Bank account openings: collaboration is essential for Luxembourg’s financial ecosystem
5 September 2025
‘To address the concerns voiced by entrepreneurs and policymakers, the ABBL is taking concrete steps on four fronts:
- Facilitation – publishing a list of over 120 banks and payment institutions active in Luxembourg and open to new business segments.
- Education – producing practical guides to help entrepreneurs understand regulatory requirements and prepare account opening applications effectively.
- Training – strengthening compliance expertise through new certification programmes with partners such as the House of Training, ALCO and ALFI.
Dialogue – working closely with the CSSF and the Ministry of Finance to ensure rules are applied consistently and proportionately, while also exploring legislative improvements (e.g. wider use of public registers for KYC).’
UK: FCA and GENIUS stablecoin frameworks: A comparative view
9 September 2025
‘Overall, there is a large degree of overlap between the GENIUS Act and the FCA’s draft proposals in CP25/14 and CP25/15; both jurisdictions will require stablecoin issuers to: obtain licences to operate, maintain full 1:1 backing for all issued coins with high-quality liquid assets, segregate backing assets on their balance sheets, and redeem all stablecoins on demand. However, there are some key differences which are likely to determine how stablecoins are used on either side of the Atlantic.’
UK: What the 2025 National Risk Assessment means for your firm
12 September 2025
‘The latest edition, the 2025 NRA, is the fourth in the series and sets out the key national threats, sector vulnerabilities, and trends shaping the UK’s financial crime landscape. In its own words, it is “a vital tool in our ongoing work to understand and disrupt the evolving threat posed by criminals and terrorists who try to move their illicit money through our financial system”. It examines how threats have evolved and highlights the actions taken to address risks identified in the last NRA, back in 2020. It’s an interesting read, for sure, but more than that, it’s there to inform regulated firms’ own Business Wide Risk Assessments, required under Section 18 of the Money Laundering Regulations.’
Mauritius: Sustainable finance - a key topic for the MBA
5 September 2025
On 5 September 2025, the CEO of the MBA, Mr. Daniel Essoo, participated to a panel on sustainable finance organised by the Charles Telfair Centre in collaboration with MCB Group; titled ‘Financing a Sustainable Future: Unlocking Capital for Resilience and Growth in the Western Indian Ocean’. Also featuring on the panel were: Mr. Stephane Lebon, Group Sustainability Manager, MCB, Ms, Sanykta Sewraj, Team Leader of the Sustainable Finance Desk, MCB, Mr. Chris Loker, Founder & Managing Director of Water Financial, South Africa, Mr. Neetyanand Kowlessur, Head of the Climate Change Centre, Bank of Mauritius & Prof. Ulrich Volz, Director of the Centre for Sustainable Finance, SOAS, UK.
Sustainable finance is a key topic for the Association, and in his address, Mr. Essoo highlighted the work being undertaken by the MBA, namely on the Taxonomy, Climate Risk, Regulation, specialised skills, Renewable Energy Framework, and adaptation enablement fronts, in order to develop a viable ecosystem.
U.S.: OCC releases guidance on preventing debanking
8 September 2025
‘The first bulletin seeks to remind banks of their legal obligations to protect their customers’ financial records, “even if that information is requested by government agencies,” according to the OCC. The second bulletin clarifies how the agency considers politicized or unlawful debanking in licensing applications filed by banks and banks’ records of performance under the Community Reinvestment Act…. President Trump last month signed an executive order directing federal agencies to investigate whether banks and credit unions denied services to customers because of their political beliefs or because they were engaged in certain business activities, such as cryptocurrency. The two bulletins implement that order, and the OCC has also updated its online customer complaint website to allow consumers to report “unlawful debanking” by banks.’
U.S.: House committee advances ABA-backed cybersecurity bill
4 September 2025
‘ “The current cyber threat landscape highlights the need for consistent public-private collaboration — of which information sharing is a central component,” they said. “Without the protections codified by this statute, businesses may be less willing to share cyber threat information for fear of legal exposure. Any chilling effect on this information exchange directly benefits the nation-state attackers and cybercriminals seeking to degrade U.S. economic and national security interests.” ’
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