Regulatory Alerts2022-01-01
Circular No. 8 of 2022 – FATF Statements on High Risk Jurisdictions
The Seychelles Financial Services Authority directs reporting entities to apply enhanced due diligence and counter-measures for jurisdictions designated as high-risk by the Financial Action Task Force. Entities must continuously integrate FATF updates into their risk assessments, specifically accounting for Gibraltar’s addition to and Malta’s removal from the increased monitoring list. Compliance with these risk-sensitive obligations under the Anti-Money Laundering Act is mandatory, and failures may trigger enforcement actions requiring strengthened controls over correspondent relationships and high-risk transactions.
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