Regulatory Alerts2022-01-01
Circular No. 10 of 2022 – FATF Statements on High-Risk Jurisdictions
The Seychelles Financial Services Authority issued Circular No. 10 of 2022 to direct reporting entities to apply enhanced due diligence and ongoing monitoring for FATF-designated high-risk jurisdictions, countries under increased monitoring, and those removed from such oversight. Reporting entities must continuously consult FATF publications, strengthen risk controls and correspondent banking relationships, and apply targeted countermeasures to mitigate money laundering, terrorist financing, and proliferation risks. Non-compliance with these statutory obligations under the AML/CFT Act and 2020 Regulations will trigger FSA enforcement actions, supplemented by written notifications for any jurisdictional updates.
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