Regulatory Alerts2021-01-01
Circular No. 10 of 2021 – Obligations in Respect of High-Risk Jurisdictions
The Financial Services Authority of Seychelles mandates that all reporting entities apply enhanced due diligence and ongoing monitoring to transactions with high-risk jurisdictions identified by the Financial Action Task Force. Reporting entities must continuously review FATF publications, implement recommended countermeasures, strengthen internal controls, and verify that correspondent banking relationships are not used to circumvent risk mitigation measures. Failure to comply with Section 41(3) of the AML/CFT Act and Regulation 16 will result in direct enforcement actions by the regulator.
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