Other key requirements:
Be managed by a board of directors that consists of a minimum of three directors, one of which must be an independent director and a resident of Mauritius.
Establish an office and relevant infrastructure in Mauritius for the carrying out of Robotic and Artificial Intelligence Enabled Advisory Services.
Use segregated accounts for client’s funds in a duly licenced bank, with the principal bank account held by a bank in Mauritius.
Employ an adequate number of officers with adequate competence, experience and proficiency, that is commensurate with the size, nature and complexity of its services.
Preserve the integrity and privacy of its clients’ information in conformity with the Data Protection Act 2017.
Provide details of its proposed AML/CFT framework, including the appointment of a Money Laundering Reporting Officer (MLRO), Deputy Money Laundering Reporting Officer (DMLRO) and Compliance Officer.
Devise an adequate service level agreement to be entered into with clients before providing any services under the licence. Prior to providing any services, the licensee should obtain a written confirmation from its clients that they understand the scope and nature of the advisory services together with the associated risks and limitations.
An applicant is required to meet the relevant ‘economic substance’ requirements when using a Global Business Company, in compliance with the FSC Circular letter.