These institutions are monitored both for compliance with the rules and how they approach and adopt risk management. Ladies and gentlemen, let me now say a few words on what the Bank of Mauritius has been doing on AML/CFT in recent year.
The implementation of the risk-based approach was one of the key recommendations of the Mutual Evaluation Report of 2018 to enhance the effectiveness of the AML/CFT system. The Bank of Mauritius has spared no effort to set up an AML/CFT risk-based supervision framework. This innovative framework has been implemented with the technical assistance from the World Bank.