Company Profile: Rockfin expands its range of services

The next few months should mark a turning point for Rockfin. The company has several projects for the second half of 2022 that are part of its development.

Shaheen Abdul Carrim, Director of Rockfin.

Specialized in providing compliance support services to companies regulated by the Financial Services Commission (FSC), Bank of Mauritius and Financial Intelligence Unit (FIU), as well as other companies with compliance obligations. Fighting Money Laundering and Financing of Terrorism Rockfin is expected to expand its range of services this year. Currently, Rockfin offers compliance consultancy in the prevention of financial crimes, implementation of anti-money laundering systems and terrorist financing measures. Rockfin also supports companies at every stage of the business cycle, from license application and operational compliance to on-site compliance visits and engagement with authorities. Rockfin is also the sole representative of Infix KYC in Mauritius.

The company also experienced rapid growth. According to its director, Shaheen Abdul Carrim, it is mainly thanks to the dynamism, dedication and competence of its team. “Rockfin has grown rapidly since its inception. We managed to win the trust of our customers and today we have a large clientele made up of players from the financial sector, but also from many other sectors”, says Shaheen Abdul Carrim.

However, the company does not intend to stop there. And the plans for the rest of this year are in line with his ambition. “We cannot rest on our laurels. The regulatory framework is evolving and so should we. We are always looking for innovative solutions to better serve our customers”, says Shaheen Abdul Carrim. It is with this in mind that Team Rockfin is called upon to grow. Another big step in its development is the expansion of its range of services. “We are also working on new projects that will see the light of day in the coming months,” adds the Rockfin director.

What is Infix KYC Mauritius?

Infix KYC software solutions are designed to enable financial institutions to meet the challenges of ever-changing regulatory requirements, especially with respect to AML/CFT. Our solutions can be customized to improve compliance, operational efficiency, time to revenue and the customer experience.

Some budget proposals

  • Positive discrimination. For various reasons, the population lives a difficult economic period, where the disadvantaged are really vulnerable, there needs to be real positive discrimination in their favor in the literal sense through the targeting of social assistance and the additional taxation of super luxury products, among others. .
  • Fiscal Responsibility Law. Measures to encourage the judicious use of state resources at a time when everyone is “tightening their belts”: punishing waste, establishing accountability and holding the culprits accountable – a fiscal responsibility law, for example.
  • Target certain hardest-hit sectors, such as tourism and the SME sector in general, and provide them with enhanced assistance.
  • Encourage families to produce their own food whenever possible, especially vegetables.
  • Keep up the momentum for Mauritius to be on the international whitelists for the benefits it offers in financial services. This sector has shown its resilience despite the difficult economic situation.

Assessment of the anti-money laundering regime

Mauritius’ financial sector has been dealt a real blow with the jurisdiction’s inclusion on the Financial Action Task Force’s gray list, the European Union’s blacklist, but also on the UK’s list of high risk countries. However, the current regime has been very helpful in allowing Mauritius to get off the harmful lists. At least that’s the opinion of Shaheen Abdul Carrim. The positive, she says, is that it has been expanded to cover previously unregulated sectors, such as real estate, charities and others, that represent real opportunities for money laundering. “I think the business community and the jurisdiction will benefit if we take steps to increase efficiency and that there is no one-size-fits-all approach. Adapt according to the sectors, the size of the licensees and the level of risk, according to the studies and specific realities”, highlights the director of Rockfin.

In addition, she suggests promoting the fight against money laundering and the financing of terrorism in emerging sectors such as cryptocurrencies and virtual assets in terms of the risks present and the best way to manage them. The government’s role, she continues, in guiding the private sector is crucial at this point. “Proper education is needed,” concludes Shaheen Abdul Carrim.

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