Regulatory Alerts2020-09-25
Appointment of Compliance and Alternate Compliance Officers under the AML/CFT Act
The Financial Services Authority of Seychelles mandates all Securities Act licensees and MFHF fund administrators to appoint a resident Compliance Officer and an Alternate Compliance Officer under the Anti-Money Laundering and Countering the Financing of Terrorism Act. These senior management-level appointees must undergo a fit-and-proper assessment by the regulator, with initial Compliance Officer appointments due within thirty days of the Act's commencement and Alternate officers required by 31 January 2021. The FSA will grant extended training timeframes to address local talent shortages and permits firms with five or fewer employees, as well as sole traders, to apply for exemptions from appointing a separate Alternate Compliance Officer.