Government Approves Promulgation of 2023 Amendments to Banking Regulations

The Banking (Processing and Licence Fees) (Amendment) Regulations 2023, along with the Banking (Significant Interest Fees) Regulations 2023, will be implemented.

According to a Cabinet decision on Friday, the amended regulations aim to introduce changes in the fee structure associated with banking licenses, foreign exchange dealer licenses, and money changer licenses.

Under the Banking (Processing and Licence Fees) (Amendment) Regulations 2023, applicants seeking banking licenses, foreign exchange dealer licenses, or money changer licenses will be subject to increased processing fees payable to the Bank of Mauritius.

Additionally, the Banking (Significant Interest Fees) Regulations 2023 will introduce a new processing fee for applications related to the acquisition of a significant interest in a financial institution under section 31 of the Banking Act.

These new regulations reflect the government’s continued efforts to ensure a robust and sustainable banking sector.

Source: Cabinet Papers