Regulatory Alerts2020-01-01
Appointment of Compliance and Alternate Compliance Officers Under the Seychelles Gambling Act
The Seychelles Financial Services Authority issued Circular No. 9 of 2020 to mandate that gambling licensees appoint a Compliance Officer and an Alternate Compliance Officer in compliance with the Anti-Money Laundering and Countering the Financing of Terrorism Act. Both officers must undergo a fit-and-proper assessment, secure regulatory approval, and be Seychelles residents from February 2021, with statutory deadlines requiring initial appointments within thirty days and alternate appointments by January 2021. Recognizing local talent shortages, the regulator permits small firms with five or fewer employees to apply for an exemption from appointing a separate Alternate officer while granting transitional training periods to other licensees.