Regulatory Alerts2023-01-01
Circular No. 9 of 2023 - FATF Statements on High Risk Jurisdictions
The Financial Services Authority of Seychelles issued Circular No. 9 of 2023 to direct reporting entities to implement the Financial Action Task Force’s October 2023 updates regarding high-risk and monitored jurisdictions. Reporting entities must apply risk-sensitive enhanced due diligence and ongoing monitoring to affected countries, including Myanmar and Bulgaria, while safeguarding humanitarian flows and preventing correspondent banking evasion. Continuous consultation of FATF publications is mandatory to maintain compliant risk assessments, with non-compliance triggering enforcement actions under the 2020 AML/CFT Act and Regulations.
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