Regulatory Alerts2026-01-01
Circular No. 2 of 2026 - FATF Statements on High Risk Jurisdictions
The Seychelles Financial Services Authority directs reporting entities to apply enhanced due diligence and targeted countermeasures for FATF-designated high-risk jurisdictions, specifically DPRK and Iran. The circular mandates continuous risk-based monitoring of transactions with these countries and Myanmar, while formally adding Kuwait and Papua New Guinea to the increased monitoring list. Reporting entities must align their internal controls with Section 41(3) of the AML/CFT Act and Regulation 16, ensuring that humanitarian flows remain intact while avoiding regulatory breaches that could trigger enforcement actions.
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