Regulatory Alerts2024-10-31
Added · Updated
Circular No. 8 of 2024 - Obligations of Compliance and Alternate Compliance Officers under the AML/CFT Act
The Financial Services Authority of Seychelles issues this circular to clarify the statutory qualifications and core duties of Compliance Officers and Alternate Compliance Officers under the Anti-Money Laundering and Countering the Financing of Terrorism Act. Reporting entities must ensure these officers maintain a compliance manual, conduct annual staff training, perform ongoing risk assessments, and submit an annual compliance report to the authority within ninety days of each calendar year. The document further mandates immediate notification when an Alternate Compliance Officer assumes duties for over five consecutive business days, outlines a ninety-day initial succession period with extension procedures, and requires formal resignation notifications to guarantee uninterrupted compliance functions.
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