| THE AI ADVANTAGE
MAURITIUS, SEYCHELLES
KEY TAKEAWAYS AI is transforming fiduciary workflows. From client onboarding and KYC reviews to AML screening, document drafting and financial analysis, AI is streamlining routine processes, reducing manual work and improving efficiency across fiduciary and corporate services.
The future of fiduciary services isn’t fully automated
approved AI tools under a clear AI Use Policy, supported by robust training and mandatory human oversight for decisions involving professional judgement. Fiduciary responsibility cannot be delegated. AI can support analysis and administration, but it cannot assume fiduciary duties or professional accountability. Professionals remain responsible for applying judgement and making decisions that can withstand regulatory or judicial scrutiny.
Q3 What liability or risk issues arise when professionals
rely on AI-generated analysis or advice?
Governance is as important as technology. Firms should adopt
The main point is that AI cannot, on its own, assume a fiduciary responsibility, however good the AI model may be. Human intervention is a must. Professional decisions or advice are the product of many factors, situations and other important considerations that AI simply cannot weigh. Professionals should assume responsibility for the decisions they take. In the event their decisions come under review by a regulatory authority or a court, the use of a particular AI model in arriving at a decision cannot be used as an excuse. It should not be forgotten that fiduciary duties require professionals to act with care and skill. Using AI as a means of dispensing with that duty would be a mistake. Fiduciaries will run the risk of a breach of fiduciary duty. In short, AI should be a tool only and remain as such – it need not replace the professional in the decision-making process. Regulators require fiduciary firms to have effective systems and controls in place. That does not mean sole reliance on AI tools, but rather that such tools should be used carefully as a support to the fiduciary function. While the use of AI is proving extremely valuable to the fiduciary services industry, it is fast becoming a necessity rather than a choice. AI operates at remarkable speed and with capabilities that are humanly impossible to match. Its use drives efficiency, reduces human error, and delivers real savings in both cost and time. That said, it is a support to professionals, not a replacement for their thinking. When AI is combined with professionals applying their own mind and judgement, it creates a genuine industry breakthrough. There is no doubt more is to come, as we are yet to reach the limits of what this technology can achieve.
understanding of what the software is achieving and, just as importantly, where its limitations lie. Without this grounding, it is difficult to judge which processes genuinely require human intervention and judgement, whatever AI model is being used. A significant part of fiduciary and corporate services work requires professional judgement and review. Many matters call for the professional to weigh the facts against applicable laws, rules and regulations, and to apply their own professional judgement in arriving at a fiduciary decision. No professional can rely entirely on an AI model, however advanced it may be. Fiduciary decisions are not standardised outcomes; they vary from case to case. They carry a fiduciary duty and a responsibility that AI cannot assume on the professional’s behalf. The professional skill, experience and judgement required here simply cannot be found in any AI software. AI and professional expertise are complementary – not substitutes for one another. Q2 What governance or supervision structures are firms putting in place to manage AI responsibly? To start with, the use of AI itself should be governed by a defined policy: an ‘AI Use Policy’. This policy should set out which tools may be used, and for what purpose, whether that is drafting emails or documents, summarising documents, KYC/AML checks, transaction
monitoring, or other tasks. No AI tool should be used outside those approved in the AI Use Policy. This includes public or freely available tools, which should not be authorised for firm use. Even where an authorised AI tool is used, human approval should be mandatory. As explained earlier, professional judgement is required in many fiduciary decisions, whether these relate to client acceptance, advice, or other matters. The AI tools deployed should be properly vetted, with strong confidentiality controls and independent testing. Inappropriate use, or the use of unapproved AI tools, could be very risky and should be avoided at all costs.
• Drafting agreements, research and risk assessment. • Document summarising. • Accounts preparation, financial analysis and forecasting. When you consider the wide range of processes where AI is involved, it is clear it is of great help and assistance. In Mauritius, the government is focusing a lot on AI for future developments in the country as the industry grows exponentially. That said, firms must ensure that professionals using these AI tools are properly trained, not only in how to use the technology, but in recognising where a task should be handed back or taken over by a professional. Using AI tools comes with its challenges, with the main one being exactly how they should be used. Professionals must have the appropriate skills to use these tools but equally know when human intervention and oversight is required. This starts with training on the AI software itself; a full
Q1 How is AI changing the skills of fiduciary and corporate services professionals? Artificial intelligence is reshaping the fiduciary and corporate services industries. Automation is increasingly being used across a growing number of processes – this shift is not just on the horizon, it is visible today. Usually, client onboarding is the first step in fiduciary services, and this process in itself is a good example of how AI is being used. Identity verification is now largely automated through biometric checks, and a Vimal Damry Managing Director Premier Financial Services Limited
range of API-driven software tools plug directly into the onboarding workflow to carry out continuous screening, generate registers, prepare incorporation documents and board resolutions, and monitor transactions. Bringing these processes together in this way has delivered real savings in both time and cost. Not so long ago, these were separate tasks performed manually, a process that without question consumed considerably more time and resources. AI has transformed this workflow across fiduciary and corporate services firms. Today we see AI already at work for many other processes for fiduciaries such as in: • Drafting emails, reports and presentations, and summarising online meetings. • Client onboarding, KYC review and chatbots. • AML screening, sanctions monitoring and transaction monitoring.
ABOUT US...
premierfinservices.com
Vimal Damry is the Managing Director, CEO, and Founder of Premier Financial Services Limited (since September 2007) which is an FSC-licensed management company based in Mauritius. He is also a director of UHY Premier Financial Services Limited which is an FSA Seychelles-licensed Corporate Service Provider and Trustee (since June 2014). He has been in the global business and financial industry for more than 25 years. Vimal’s commitment to excellence is evident in his meticulous approach to managing complex financial structures and his ability to navigate the intricate landscape of international regulations.
Premier Group operates mainly through three licensed companies. One based in Mauritius via a Trust and Management Licence from the Financial Services Commission. A second in Seychelles via an International Corporate Service Provider (ICSP) and International Trustee Services Providers (ITSP) by the Financial Services Authority. The third in Dubai, UAE via a Corporate Service Provider (CSP) Licence by the Dubai Multi Commodities Centre (DMCC) and as an Approved Registered Agent of Ras Al Khaimah International Corporate Centre (RAK ICC). It is supported by its representative office in South Africa.
+ 230 245 6703 vimal@premierfinservices.com irglobal.com/advisor/vimal-damry
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