Regulatory Alerts2025-01-01
Circular No. 8 of 2025 - FATF Statements on High Risk Jurisdictions
The Seychelles Financial Services Authority issued Circular No. 8 of 2025 to direct reporting entities to implement updated FATF and MONEYVAL measures concerning high-risk jurisdictions and countries under increased monitoring. Reporting entities must apply enhanced due diligence and ongoing monitoring to transactions with the Democratic People’s Republic of Korea, Iran, and Myanmar while integrating newly monitored jurisdictions like Bolivia and the UK Virgin Islands into their risk assessments. Entities are required to continuously consult FATF publications, strengthen correspondent banking controls to prevent sanction evasion, and face enforcement actions for non-compliance with Section 41(3) of the AML/CFT Act and Regulation 16.
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