Regulatory Alerts2020-01-01
Circular No 10 of 2020 - Appointment of Compliance and Alternate Compliance Officers (Fiduciary Sector)
The Financial Services Authority of Seychelles requires all fiduciary licensees to appoint a Compliance Officer and an Alternate Compliance Officer under the Anti-Money Laundering and Countering the Financing of Terrorism Act. Both individuals must pass a fit-and-proper assessment and obtain FSA approval, with initial appointments due within thirty days of the Act's commencement and resident Compliance Officers mandated by 1 February 2021. The circular details expedited approval pathways for existing fit-and-proper candidates, permits small firms with five or fewer employees to operate with a sole officer upon request, and mandates that Managed Service Providers fulfill these roles through their local managing service provider.
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