Regulatory Alerts2022-01-01
Circular No. 3 of 2022 – FATF Statements on High-Risk Jurisdictions
The Financial Services Authority of Seychelles directs all reporting entities to apply enhanced due diligence and counter-measures for FATF high-risk jurisdictions, alongside enhanced ongoing monitoring for countries under increased monitoring. Citing Section 41(3) of the AML/CFT Act and Regulation 16, the circular mandates continuous review of FATF publications to integrate updated jurisdictional statuses, such as the United Arab Emirates joining and Zimbabwe exiting the increased monitoring list. Reporting entities must strengthen risk assessments, manage correspondent relationships to prevent countermeasure evasion, and face FSA enforcement actions for non-compliance.
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