Regulatory Alerts2022-03-24
Outsourcing of Compliance Function FAQs
The Financial Services Authority of Seychelles outlines regulatory requirements for licensees outsourcing their compliance function, permitting both individuals and companies under indefinite approvals. Licensees must notify the Authority of provider changes or in-house transfers within twenty-four hours, while service providers must be Seychelles-resident individuals or fit-and-proper entities meeting specific qualification, experience, and financial criteria. The framework mandates compliance audits upon issue identification or Authority request, requires immediate reporting of outsourced function problems, and currently imposes no submission fees.
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