Regulatory Alerts2025-01-01
Circular No. 13 of 2025 - FATF Statements on High-Risk Jurisdictions
The Seychelles Financial Services Authority issued Circular No. 13 of 2025 to direct reporting entities to implement enhanced due diligence and ongoing monitoring for jurisdictions under FATF countermeasures, action calls, and increased monitoring. Reporting entities must continuously consult FATF publications, strengthen controls against evasion through correspondent banking, and apply risk-sensitive measures to transactions with high-risk countries like the DPRK, Iran, and Myanmar. Failure to comply with these obligations under the AML/CFT Act 2020 and its Regulations will trigger enforcement actions by the FSA to safeguard Seychelles' financial integrity.
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