Regulatory Alerts2020-01-01
Appointment of Compliance and Alternate Compliance Officers Under the AML/CFT Act for Insurance Licensees
The Financial Services Authority of Seychelles mandates all insurance licensees to appoint a Compliance Officer and an Alternate Compliance Officer under the Anti-Money Laundering and Countering the Financing of Terrorism Act. Both officers must be senior management-level or meet prescribed qualifications, undergo a fit and proper assessment, and be Seychellois residents by 1 February 2021, with initial appointments due within thirty days and alternate appointments required by 31 January 2021. The Authority grants transitional training periods for locally qualified individuals and permits small firms with five or fewer employees to apply for a single-officer exemption, while sole traders are automatically exempt from appointing an alternate.