Regulatory Alerts2021-02-23
Added · Updated
Circular No 2 of 2021: Introduction of FATF High Risk Jurisdictions
The Financial Services Authority of Seychelles has launched a dedicated website tab tracking FATF High-Risk Jurisdictions and mandates that all reporting entities apply enhanced due diligence and ongoing monitoring to business relationships with these countries. Reporting entities must continuously review FATF publications, implement recommended countermeasures, strengthen internal controls, and verify that correspondent banking arrangements do not circumvent risk mitigation measures. Non-compliance with these statutory obligations under Section 41(3) of the AML/CFT Act will result in direct enforcement actions by the regulator.
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