Regulatory Alerts2024-01-01
Circular No. 2 of 2024 - FATF Statements on High Risk Jurisdictions
The Financial Services Authority of Seychelles issued Circular No. 2 of 2024 to implement the Financial Action Task Force’s June 2024 decisions on high-risk jurisdictions and those under increased monitoring. Reporting entities must apply risk-sensitive enhanced due diligence and ongoing monitoring to transactions with countries such as Myanmar, Iran, and the Democratic People’s Republic of Korea, while accounting for Monaco and Venezuela’s addition to the monitoring list and Jamaica and Türkiye’s removal. Non-compliance with these statutory obligations under the AML/CFT Act will trigger enforcement actions, requiring entities to continuously update their controls and risk assessments based on official FATF publications.
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